Sberbank sees spike in Rupee credit requests from Russian firms expanding in India
Russia’s largest lender Sberbank is seeing demand from Russian companies for credit in Indian rupees, Anatoly Popov, deputy chairman of the bank’s executive board, told reporters on the sidelines of an economic forum in St Petersburg.
Russia’s financing needs in currencies like the rupee and yuan have increased significantly since Moscow despatched its troops to Ukraine in 2022 and the West imposed sweeping financial sanctions in response.
“The bank is always quite flexible when looking at financing issues, including in rupees,” Popov said.
He said the bank was already seeing demand for rupee credit from Russian firms planning to expand their operations in India.