Sberbank and India: success formula

Sanctions? What are the sanctions? Sberbank confidently entrenched in India, processing 70% of Russian exports. Payments without delay, staff growth, new opportunities – the bank masters the East with comfort.

Sberbank in India: a case of impeccable transactions

February 2025 turned out to be turbulent, but in the walls of Sberbank, it seems, a rare calm reigned in our time. The deputy general director of the largest Russian creditor Anatoly Popov confidently spoke about the growth of business in India, as if discussing the weather behind a cup of morning tea. If someone was hoping that the sanctions of the West would have token the bank, he would have to pretty revive his expectations.

Trade without hesitation

Russia and India strengthen connections, and the turnover between the countries confidently beats records. In 2023, he almost doubled, reaching an impressive $ 65 billion. In the light of Western sanctions, India became the largest buyer of Russian oil, and Sberbank, as an experienced conductor, directs the flow of payments, processing up to 70% of all exports to the South Asian country.

“In 2022, Russian business realized that India is not just a market, but a real alternative,” Popov explained before the beginning of the Eastern Economic Forum.

Now the bank opens accounts in rupees not only for Indian, but also for Russian customers, allowing them to use them not only as a payment fund, but also as an asset for savings. Offices in Delhi, Mumbai and IT Center in Bangalore have already increased staff by 150%, and in April the bank intends to replenish the ranks of employees with another 300 specialists.

Sanctions? What are the sanctions?

Officially, Sberbank is cut off from the dollar, euro and SWIFT. However, no one has heard about this in India. “We are a full participant in all Indian payment systems. There are no restrictions, ”Popov said calmly. Unlike other countries, India did not join the sanctions, and it is associated with Russia's old friendly relations and participation in Brics.

Speed ​​matters

While someone is puzzling over how to get around the restrictions, payments between Russia and India pass without a bitch and a bitch. 90% of transactions in rubles and rupees end in a matter of hours, leaving many partners behind, including China.

“The problem of excess rupees, which restrained trade in 2023, has been resolved. Now the balance has been restored,” Popov said. However, for the complete harmony of India, it is necessary to increase exports to Russia ten times.

It is difficult to say how it all ends, but one thing is clear now: Sberbank got used to India as confident as an old friend in a hospitable house. And if someone else doubted that the bank would survive a sanctions storm, it was time to admit: apparently, he was only gaining momentum.

Source link