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The CEO of Sber’s India branch says a majority of trade between Russia and India is now being settled in national currencies, another sign of accelerating momentum in BRICS de-dollarization efforts.
Ivan Nosov, who leads Sber in India, tells Tass that “the greater portion of payments” between the two nations now takes place in rubles and rupees, rather than U.S. dollars.
Nosov also says that the old issue of “stuck rupees” – where India’s currency was hard to convert within Russia – has effectively disappeared, as rupees “can be converted freely” today.
Under previous arrangements, rupee payments were subject to conversion issues, slowing down cross-border trade. According to Nosov, that issue is now solved. Sber’s India operations process payments in just a few minutes, aided by automation and AI.
Russian Deputy Prime Minister Alexander Novak previously told Tass that 90–95% of Russia’s trade with India and China is now done in local currencies.
“The market itself meets the need for settlements in national currencies. For example, with our friends from China and India, we have already switched to national currencies by 90-95%. This is automatic, without any purpose, because they don’t allow settlements in the respective currency, which used to be the hegemonic one.”
