Russia and India are now doing most of trade in national currencies

The greater portion of payments between Russia and India is in national currencies, Ivan Nosov, the CEO of Branch of Sber in India. Nosov, the CEO, said the problem of the so-called “stuck rupees” does not exist anymore

The bulk of transactions between Russia and India are being conducted in national currencies. Regarding payments, “we have restored the familiar set of services for clients working with India, but now at high speeds. Thanks to process automation and AI use, it takes just a few minutes to post payments from Russia to India through Sber,” Nosov said.

The problem of the so-called “stuck rupees” does not exist anymore, the banker said.

“The issue of stuck rupees, which was extensively discussed in the media back in 2022-2023, is now a thing of the past. It is no longer a problem, as any amount of rupees can be converted freely,” Nosov added.