Russian bank Sberbank has launched Indian Rupee accounts for individuals to reduce Moscow’s dependency on the U.S. dollar and euro.
Russia’s dominant lender on Wednesday said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro.
“As Sberbank has highlighted, the bank supports the trend of de-dollarisation and constantly increases the number of foreign currencies available to clients,” Sberbank said in a statement.
In a significant development, Saudi Arabia’s Ministry of Investment signed a $5.6 billion deal with a Shanghai-based electric vehicle company to develop EVs (Electric Vehicles).
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