VTB

Russian President Vladimir Putin concluded his visit to China by highlighting the importance of trade near the border in China's northeast. Amid Western sanctions over the Ukraine invasion, Putin is strengthening ties with China, signing agreements ...

Russian President Vladimir Putin on December 07 once again heaped praise on Prime Minister Modi. He stated that PM Modi cannot be intimidated or forced to make decisions that are contrary to Indian interests. President Putin also lauded PM Modi’s to...

India is set to increase coking coal imports from Russia as supplies from Australia, its top supplier, drop and steel mills grapple with rising prices. Indian steel mills have faced challenges due to erratic supplies from Australia, which usually ac...

​“We have agreements with all participants in this process – there are relevant documents with Iran, with Azerbaijan, and now I will meet with President Aliyev within the framework of the CIS summit in Kyrgyzstan. We will definitely talk about this ...

Russian banks, including VTB, Sberbank, and Gazprombank, are considering becoming foreign portfolio investors (FPIs) to trade on Indian stock exchanges. VTB, Russia's second largest bank, has approached the Securities and Exchange Board of India (Se...

Russia's top lenders Sberbank and VTB have said they are improving their ability to convert rupees into roubles, helping exporters to get funds effectively trapped in India due to Western sanctions.

Often dubbed "Russia's Google", Yandex is making progress on a corporate restructuring plan that should see it divest ownership and control of core, Russia-based businesses.

Last year, the RBI and finance ministry asked the top management of banks and representatives of trade bodies to push export and import transactions in the rupee. They want banks in India to connect with their foreign counterparts for opening specia...

The RBI took the steps to support the strengthening interest of the global trading community in rupee transactions. The measures were announced at a time when the rupee was witnessing enhanced volatility due to aggressive rate hikes in the US and ri...

The West blocked access to SWIFT for several Russian banks, including Sberbank and VTB, soon after Moscow invaded Ukraine in February last year to target Russian trade, making it harder for Russian companies to do business. SWIFT underpins financial...

Russian SME clients can now make transfers without double conversion, which simplifies the work on foreign trade contracts with India. The mechanism of direct settlements allows to fix the price of a product and the payment in the national currency,...

India imported goods worth USD 3,520.83 million from Egypt, of USD 1,004.24 million from Algeria and USD 2,725.08 million from Angola in the last financial year. As far as Bangladesh is concerned, the import in the last year from the neighbouring co...

Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee. ...

The Reserve Bank of India (RBI) on Monday allowed HDFC Bank Ltd and Canara Bank Ltd to open a special "vostro account" for trade in Rupees with Russia, according to media reports. Vostro accounts are accounts a bank holds on behalf of another, often...

Reliance Industries Ltd, operator of the world's biggest refining complex and a major customer for Russia, has not placed orders yet for Russian cargoes loading after Dec. 5, two sources familiar the refiner's purchase plans told Reuters.

The move to open the special vostro accounts clears the deck for settlement of payments in rupee for India-Russia trade, enabling cross-border transactions in the Indian currency.

Russia's two largest banks - Sberbank and VTB Banks - opened the accounts after receiving the nod from the RBI. Last month, state-owned UCO Bank received the RBI's approval to open a special vostro account with Gazprombank of Russia.

The move comes amid criticism from African leaders about the negative impact of the sanctions on the trade and food shortage. Even the acting President of Sri Lanka also blamed the Western sanctions for hurting third world countries.

These Indian banks will likely open accounts at their Russian counterparts and vice versa, as decided last week in meetings held in New Delhi to ensure smooth trade flows without violating the economic sanctions on Russia over the Ukraine war. The R...