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

Tue, Apr 18, 2017 | 3082 Comments
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. 

WE'RE ON PATREON! Join the community of monthly pledgers for any amount!
An easy way to automate the dropping of neutron truth bombs on the sad msm

Did you enjoy this article? - Consider helping us!
Russia Insider depends on your donations: the more you give, the more we can do.
Other amount

If you wish you make a tax-deductible contribution of $1,000 or more, please visit our Support page for instructions

Click here for our commenting guidelines