Russia’s Largest Bank to Facilitate Direct Gold Trade Between Russia and India

Russia’s Largest Bank to Facilitate Direct Gold Trade Between Russia and India

Sberbank says direct gold trade between the two BRICS members would be immensely beneficial to both countries

Bypassing the dollar — one gold bar at a time
Bypassing the dollar — one gold bar at a time

Sberbank is looking to finance the direct import of gold to India, according to Aleksei Kechko, Managing Director of Sberbank’s Indian subsidiary.

Sberbank is Russia’s largest, state-owned bank.

The announcement comes as no surprise to those who have been following the gold-buying spree by BRICS members, especially Russia and China.

According to reports:

 Direct gold trade between India and Russia would be immensely beneficial to both countries. “We hope to sign the transaction by September or October this year,” [Kechko] said. “We are also exploring the possibility of entering the gold loans sector as well.”

India is the world’s second largest importer of gold. The country imported $35 billion worth of gold in 2015. However India’s imports of the precious metal fell in 2016.

Russian officials have already signaled their desire to conduct transactions with BRICS nations using gold. On a visit to China last year, deputy head of the Russian Central Bank, Sergey Shvetsov, said that Russia and China are interested in facilitating more transactions in gold.As we wrote last month, creating a BRICS “gold marketplace” would be an excellent way of bypassing the dollar while also using a valuable commodity that could be easily recycled for trade with other member nations.

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One Response to Russia’s Largest Bank to Facilitate Direct Gold Trade Between Russia and India

  1. sonofthedestroyer

    April 20, 2017 at 4:01 am

    India is a racist white supremacist nation that created the caste system to oppress its indigenous black population. They have always been a puppet of the west. India for many years has been the Israel of South Asia. So i find it puzzling why they are ‘friends’ with Russia? Russia is also arming Pakistan. So maybe Russia is playing some game here? And China and India are enemies.

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