Russian banks want in on India's market

Business Dec 05, 2025

Two big Russian banks—Gazprombank and Alfa Bank—are hoping to open branches in India, aiming to boost trade between the two countries.
This push comes during President Putin's visit, even as Russia faces Western sanctions.
India is a major buyer of Russian oil, so both sides are looking for ways to keep business growing.

What's changing and why it matters

Talks are underway with India's finance ministry, with Gazprombank eyeing New Delhi and Alfa Bank considering Mumbai.
The Russian central bank just opened a Mumbai office too, showing deeper financial ties.
Meanwhile, Sberbank has rolled out a rupee-based letter of credit to make importing from India easier—all part of a bigger goal to raise trade from $69 billion now to $100 billion by 2030.