No Euro, No Dollar: Sberbank's Herman Gref On Trade, Currency Risk & Sanctions

Sberbank is looking to make it easier for Indian SMEs to enter the Russian market, with a dedicated platform connecting businesses to Russian trading platforms and marketplaces. In this exclusive conversation, Business Today Group Editor Siddharth Zarabi speaks with Sberbank CEO and Chairman Herman Gref about the bank’s big India-Russia trade ambitions. Gref says currency risk can be managed through hedging mechanisms, while cross-border settlements are being conducted in local currencies rather than the US dollar or euro. He believes this can help reduce sanctions-related risks for businesses participating in the trade ecosystem. Sberbank also aims to bring millions of Indian customers and producers into the Russian market over the next one to two years. Could Indian SMEs become the next big driver of India-Russia trade?