Moscow, 15th June 2023: Sberbank, Russia’s largest lender, announced on Wednesday that individuals could now create accounts in Indian rupees, broadening the range of foreign currencies available as Moscow seeks to minimise reliance on the US dollar and euro.
“As Sberbank has highlighted, the bank supports the trend of de-dollarisation and constantly increases the number of foreign currencies available to clients,” the bank said in a statement.
Sberbank already has over 100 million retail customers and accepts deposits in Chinese yuan and UAE dirhams. It stated that rupee accounts would be available beginning Wednesday.
Sberbank’s finance head previously stated that if the chance arises, the bank will issue bonds in Chinese yuan this year and will continue to borrow in roubles to promote portfolio expansion.
This puts a step forward in the increasing cooperation between the Indian and the Russian governments. India is still one of the few countries that hasn’t condemned Russia for its war in Ukraine and continues to have formal trade and bilateral ties with the war-driven country.
