Latest news with #Sber
The Star
6 days ago
- Business
- The Star
Russia's Sberbank offers custody services for Russian crypto assets
FILE PHOTO: A view shows the logo of Sber (PJSC Sberbank) on a glass door at a Sberbank office in Moscow, Russia June 18, 2024. REUTERS/Evgenia Novozhenina/File Photo MOSCOW (Reuters) -Russia's largest lender Sberbank wants to offer custody services for Russian cryptocurrency assets, the state-owned bank said on Thursday, seeking a leading role in Russia's development of digital assets. Russia's central bank has softened its opposition to cryptocurrencies, backing a law last year that let businesses use them in international trade to help skirt Western sanctions imposed on Russia over its conflict in Ukraine. Anatoly Pronin, executive director of Sberbank's alternative payment solutions division, said the bank had sent proposals to the central bank on the regulation of crypto assets in the country after seeing more and more banks elsewhere start to provide custody services. Speaking at a discussion on cryptocurrency regulation Pronin said Sberbank's proposals would see cryptocurrency assets regulated in a similar way to assets in bank accounts, and that the bank would guarantee tokens' safety. Safeguarding crypto assets on behalf of clients means they could be frozen if law enforcement authorities suspect wrongdoing but can make the practice of carrying out transactions easier and protect accounts from hacking. Gleb Zemskoy, director of the development of blockchain technology and digital currencies at Insight Finance, said no fund or crypto user could do without custody services. "The custodian is the backbone of the world's economy in terms of cryptocurrencies," Zemskoy said. "And at the moment, it is in the hands of private foreign companies, which indicates a huge risk." (Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Philippa Fletcher)
Russia Today
30-06-2025
- Business
- Russia Today
Russia's largest bank delivers pessimistic 2026 forecast
Russia's largest bank, Sber, is bracing for a challenging 2026, CEO German Gref has told shareholders. He cited high interest rates as a key factor behind a sharp drop in loan demand, warning that tough conditions are likely to persist. The lender has been navigating a volatile economic environment since sweeping Western sanctions were imposed on Russia over the Ukraine conflict. These measures, targeting critical sectors including finance, prompted the Bank of Russia to raise its key rate, which is currently at 20%. Speaking at the bank's annual meeting on Monday, Gref said the current financial climate – marked by elevated borrowing costs and reduced access to credit – has created significant headwinds. 'Very high interest rates and sharply reduced demand for money and credit' have weighed heavily on business activity, he said. Gref acknowledged that 2025 has already proven difficult, but voiced confidence in the bank's resilience. 'It is part of Sber's identity to strive for results no matter how tough the times are,' he said. Still, he warned that 2026 'promises to be no easier,' citing continued uncertainty around geopolitics, GDP growth, and monetary policy. In response to sanctions imposed on Russia over the Ukraine conflict in February 2022, the Russian central bank raised its key rate from 9.5% to 20% to stabilize the ruble and contain inflation. As conditions improved, the rate was cut to 7.5% by September 2022. However, renewed inflationary pressure led to a tightening cycle in mid-2023, with the rate peaking at 21% by October 2024. Earlier this month, the central bank cut it to 20% – the first reduction since 2022. Despite sanctions and inflationary pressure, Russia's economy has shown signs of recovery. After contracting 1.2% in 2022, GDP grew 3.6% in 2023 and 4.1% in 2024. Growth is projected to slow to 1–2% in 2025 and up to 1.5% in 2026.
Russia Today
11-06-2025
- Business
- Russia Today
Indian rupee a ‘strong tool for savings' in Russia
A top executive at Russia's largest bank has said he sees a growing role for the Indian rupee in the country. In an exclusive interview with RT on Tuesday, first deputy chairman of the board of Sber, Aleksandr Vedyakhin, said the Indian currency is popular with the bank's individual and business clients. 'In Russia, Sber allows you to make transactions in rupees, which is something a lot of our Indian staff do,' he said. 'But beyond that you can also open a rupee deposit or carry out other operations, just like you would with any other foreign currency.' Vedyakhin added that the bank was 'deliberately opening up space for the rupee,' because it saw the currency as a 'strong tool for savings inside Russia.' He said that a significant share of payments between Russia and India goes through Sber with many such payments being made in national currencies. Sber handles payments for up to 70% of all Russian exports to also noted that Sber's business in India, which started in 2010, is actively expanding. 'India is a very friendly market for Russia,' Vedyakhin said, adding that he found the people of Delhi and Mumbai to be 'incredibly positive' during a recent visit. 'It's a great thing that we are welcome in India, they want us there,' he added. 'Our business with India is going well.' Sber has offices in Delhi and Mumbai, as well as an IT center in Bengaluru, with plans to hire 300 IT expressed happiness that the issue of what to do with an excess amount of rupees has been resolved. 'There is now a stable high demand for rupees, and rupee transactions are flowing smoothly,' he said. 'Commissions on rupee payments have dropped significantly, which directly benefits our clients.' You Can Always Bank on Friends: 🇷🇺 Sber Expanding in India, National Currency Payments Flourishing 🇮🇳 - Alexander Vedyakhin, Top Exec for Russia's Largest Bank In addition to its existing range of hedging tools, including forwards and options, Sber is expanding its product lineup, which now features rupee-denominated loans for Russian businesses at interest rates substantially lower than those available in Russia, a Reuters report said last year. Due to Western sanctions, Sber is restricted from conducting transactions in US dollars and euros, and is also unable to utilize the SWIFT system for making international transfers. India, which chose not to join sanctions on Russia, has been one of the largest purchasers of Russian oil since 2022 and continues to foster a friendly relationship with the country.
Russia Today
10-06-2025
- Business
- Russia Today
Russia holds strong position in global AI race
Russia has maintained a strong position in the global race for artificial intelligence (AI), despite facing significant challenges, according to Alexander Vedyakhin, first deputy CEO of Sber, the country's largest bank. Speaking to RT on Tuesday, Vedyakhin emphasized that Russia's continued progress in AI has been made possible by world-class mathematicians, talented engineers, and the bank's financial capacity to invest in innovation – even amid sanctions and chip shortages. 'The talent, strong motivation, and Sber's ability to invest have allowed us to overcome a number of constraints,' he said. While acknowledging that Russia lags behind AI frontrunners like the US and China by six to nine months on certain indicators, Vedyakhin pointed out that the country has achieved competitive results with a fraction of the investment made by competitors. He also noted that Russia is actively collaborating with major AI players such as China, India, and several members of the Commonwealth of Independent States (CIS). 'In particular, we have very strong ties with Uzbekistan, where we not only share expertise but also implement AI-based solutions – primarily in healthcare and social services,' Vedyakhin explained. Addressing growing concerns about AI-induced job losses, the executive compared the development of the technology to raising a child, stressing that it is humanity's responsibility to guide it in a positive direction. WATCH FULL INTERVIEW:
Zawya
10-06-2025
- Zawya
Moscow sees increase in UAE tourists; offers tailored experiences for Gulf visitors
MOSCOW - Evgeny Kozlov, Chairman of the Moscow City Tourism Committee, confirmed that the Russian capital witnessed a notable rise in the number of tourists arriving from the UAE, with 62,100 visitors in 2024 compared to 18,000 in 2019. In statements to the Emirates News Agency (WAM), Kozlov highlighted the tourism offerings available in Moscow, especially those tailored for visitors from the Gulf region. He pointed out that the city is home to lots of halal restaurants, and that Arabic-speaking services are readily available to enhance the comfort of Gulf visitors. For example, five tourist information centres have been opened in the capital, including locations in the city centre, at the river stations, and in the Dream Island amusement park. Tourists' information centre specialists provide support in English and Arabic. A new Tourist Information Centre with Sber's banking services has opened, where travellers can get a Tourist card and support. In 2024, a Muslim-Friendly Guide to Moscow was prepared for travellers from the Middle East, which features recommendations on restaurants and hotels, popular winter and summer activities, sights, parks, and shopping sites. Kozlov also highlighted the availability of electronic visas (e-visas), which have simplified the entry process for citizens of many countries, making travel to Moscow more convenient and accessible. He further noted that Moscow offers a variety of cultural, fashion, and culinary experiences, in addition to year-round entertainment and international events. This summer Moscow has launched a vibrant season of festivals and cultural events. The Moscow Estates Festival offers immersive programmes hosted at more than 40 historic estates across the city. Theatre Boulevard will feature 600 performances by 3,000 artists across 14 outdoor venues with a record-breaking 92-day run. The Gardens and Flowers Festival turns city spaces into blooming landscapes with rare plants and floral art. "Street. Dance and Street. Art" projects bring open-air dancing, musical evenings, and plein-air art sessions to life in central Moscow, with free master classes and exhibitions on Strastnoy Boulevard. In addition, Moscow offers a rich variety of cultural and historical landmarks for visitors. Key sites include the Kremlin, Red Square and Alexander Garden. Tourists can explore the Bolshoi Theatre and visit the Moskino Film Park, offering immersive cinema tours. Moscow-City adds a contemporary touch with skyscrapers and one of Europe's highest observation decks. International visitors can also explore 14 'Made in Moscow' art pavilions, offering locally crafted souvenirs and unique gifts. The Green Market showcases more than 700 top brands from the "Made in Moscow" initiative. Kozlov mentioned that Moscow is one of the greenest megacities, with over 140 parks and natural reserves. Projects like Zaryadye Park and Gorky Park combine ecological design with public engagement. Smart lighting, waste management systems, and ecological transport contribute to sustainability goals. Moscow, he added, remains committed to providing a welcoming, comfortable and modern tourism environment for travellers from across the world.
