Sberbank is bringing Russian investment to India
Russia's biggest bank, Sberbank, just announced it will start investing in India's capital markets.
The news came straight from CEO Herman Gref during a visit to New Delhi with President Putin on December 4.
This means Russian investors will soon be able to put money into Indian government bonds and even invest in the Nifty50 index through a new financial instrument.
Why now? Sanctions and stronger ties
With Western sanctions over Ukraine pushing more trade into rupees—now totaling $68.7 billion—Sberbank has been left with lots of unused rupees in India.
To fix this, the bank snagged a special license for gold exports and plans to open more branches plus a new office in Delhi.
Gref sounded upbeat about India's growth, saying it reminds him of China's rise, and added warmly, "It's the right moment to invest in India and also support the country to build more sustainable relations with our country."