VTB
Russian President Vladimir Putin to push growing Moscow-Beijing trade in China's northeast
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 on security and economic cooperation. The joint statement emphasizes the deepening China-Russia relationship and their commitment to mutual development.
India to step up coking coal shipments from Russia
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 accounts for over half of India's annual coking coal imports of about 70 million tonnes.
Turkmenistan and Kazakhstan showing interest to participate in INSTC: Vladimir Putin
“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 topic. Azerbaijan has many current problems, but no one is giving up on this project. Turkmenistan is also showing interest, and Kazakhstan on the other hand,” Putin said during a speech at the plenary session of the Russian Energy Week.
Russian banks plan FPI arms to invest private wealth in India
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 (Sebi) to obtain an FPI license. The proposal will also need approval from the Reserve Bank of India (RBI).
Russia's VTB to launch cross-border money transfers to India
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.
Russia's VTB may pull out of running for internet giant Yandex stake: CEO Andrei Kostin
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.
Rupee trade arrangement to help cut transactions cost: Piyush Goyal
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 special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather than the popular mode of the US dollar.
Central banks warming up to rupee: Deputy Governer
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 risk-aversion after the Ukraine war. Moreover, with US sanctions on Russia hampering trade, several countries made efforts to move away from the dominance of the dollar in global trade.
India using SWIFT global payment system to settle Russia dollar trade: Source
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 transactions globally.
Russia’s second largest bank launches direct payments in rupees
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, and to receive individual quotes on market terms.
Banks looking at possibility of rupee trade with Bangladesh, African nations
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 country stood at USD 1,977.93 million, according to the data provided by the commerce ministry.
Finmin to meet heads of banks on Dec 5 to promote cross-border trade in rupee
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. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval after the RBI announced the guidelines.
RBI allows HDFC Bank, Canara Bank to open vostro account for Rupee trade with Russia
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 foreign bank, and this forms a key part of correspondent banking.
Indian refiners becoming wary of buying Russian oil as EU sanctions loom: Sources
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.
Post RBI nod, 9 vostro accounts opened to facilitate overseas trade in rupee
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.
In boost to rupee trade mechanism, two Russian lenders open special vostro accounts
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.
EU to defreeze some Russian assets to enable trade of food & fertilisers
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.
Indian banks may join hands with Russia lenders not hit by sanctions
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 Reserve Bank of India is expected to come out with an operational circular, paving the way for this.
RBI discusses trade payment option with Russian banks
Bankers as well as regulators sense that the nature of sanctions in response to Russia's invasion of Ukraine are more serious compared to the curbs that were imposed on transactions with Iran.
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