Home Business Russian bank opens special "Vostro" account in Indian branch

Russian bank opens special “Vostro” account in Indian branch

It follows a similar move from Russia’s leading lender Sberbank.

Moscow:

Russia’s No. 2 lender VTB on Wednesday said it has opened a special “Vostro” account at its Indian branch that will allow more active use of the Indian rupee in payments under import and export contracts between Russia and India.

This follows a similar move by Russia’s leading lender Sberbank, which said on Monday that it was offering customers “Vostro” accounts in rupee, aimed at facilitating customers to conduct rupee-denominated business transactions. which are increasing due to western sanctions.

Both state-run banks have received permission from the Reserve Bank of India (RBI) to open Vostro accounts — a local correspondent bank held on behalf of a foreign bank — earlier this year to set up a mechanism to facilitate international trade. Is for. In Rs.

The measure was seen as an aid to trade relations with Russia in the case of more stringent Western sanctions against Moscow.

Following sanctions by the United States and allies after Russia sent tens of thousands of troops to Ukraine in February, Moscow has urged some buyers of its goods to use the ruble or other currencies instead of dollars and euros, including its Contracts are usually priced.

“Today, one of the most important state tasks is the development of direct settlements in national currencies aimed at strengthening trade and economic ties,” said Valery Lukyanenko, Deputy Chairman of the Management Board of VTB, in a statement.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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