Settlements in national currencies between Russia and India have grown five-fold in monetary terms in 2023 year-on-year, while the average transaction amount in the first half of the year has increased by 83%, deputy chairman of Sberbank’s executive board Anatoly Popov said.
“Sberbank is the key bank partner for the corporate clients who are working in national currencies with India. This year the volumes of settlements with India have grown five times in monetary terms compared to the same period last year,” Popov told reporters on the sidelines of the SberVED 2023: India conference.
In the first half of 2023, the number of foreign trade operations with India
carried out in national currencies through Russia’s biggest lender has risen almost four times while the average transaction check grew by 83%, he added.
Pharmaceuticals, food, machinery and equipment, and chemical goods are among the most in-demand goods for import.