Sberbank, the biggest bank in Russia, has been trying to make trade between India and Russia easier by using their own currencies instead of the US dollar. However, Indian financial regulators are not very keen on approving Sberbank's plans, according to a recent report by the Indian Express.

One of the main reasons for the hesitation is the Indian government’s credit risk insurance company, ECGC Ltd. This organization has labeled Russia as a "high-risk" country. This rating affects how ...