RT International Regulators are reluctant to clear proposals by Sberbank aimed at helping to expand trade in national currencies
Indian financial regulators are hesitant to approve initiatives proposed by Sberbank, Russia’s largest bank, aimed at expanding trade in national currencies, the Indian Express reported on Tuesday.
The Indian state-run ECGC Ltd, which is responsible for providing credit risk insurance, has maintained Russia’s ‘high-risk’ rating in its assessment list. This reportedly influences decisions made by regulators, meaning the Indian Securities and Exchange Board has limited Sberbank’s foreign portfolio investor license to trading only in oil and natural gas derivatives.
Additionally, sources revealed that Sberbank’s request to the Reserve Bank of India for a license to export Russian gold bars to India and sell them in national currencies to jewelers was rejected in March due to “supervisory concerns.”
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