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Business: Despite the sanctions imposed by the US and its allies, trade between India and Russia is growing rapidly. Last year, i.e. in 2023, the mutual trade between the two countries almost doubled to cross $65 billion. This information has been given in a recent report by Reuters, quoting Russia's largest bank Sberbank.
Payments are being processed easily with India
The report quoted Sberbank's deputy CEO Anatoly Popov as saying - Russia's trade with India is growing rapidly and bilateral payments are being processed without any problems. However, Russia is facing problems in processing mutual payments with other countries, due to which Russia's trade with those countries is also getting affected.
Russia became a high income country after sanctions
Many economic sanctions have been imposed on Russia after it attacked Ukraine about two and a half years ago in February 2022. Many Western countries led by the US have imposed economic sanctions on Russia. Economic sanctions were imposed to isolate Russia and weaken its economy. However, the sanctions do not seem to have much effect. Recently, United Nations data showed that even after the war and sanctions, Russia has managed to enter the list of high income countries i.e. rich countries.
Sberbank plays an important role in India-Russia trade
Sberbank is Russia's largest bank and plays an important role in Russia's trade with India. Data shows that this bank alone handles payments for 70 percent of total Russian exports to India. A senior bank official told Reuters that India has become a major buyer of Russian crude oil after Western countries imposed economic sanctions on Russia in 2022. Due to this, trade will almost double to cross $ 65 billion in 2023.
Sberbank adds employees in India
Popov was speaking to Reuters ahead of the Eastern Economic Forum. He said that after the circumstances changed in 2022, the interest of Russian companies in the Indian market increased because the Indian market provided them with an option. Due to the increase in Russia's trade with India, Sberbank also had to increase the number of its employees in India. This year, the number of employees of Sberbank has increased by 150 percent in Indian offices including Delhi, Mumbai and Bengaluru.
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