Russia’s two largest banks, Sberbank and VTB, will offer yuan-denominated loans.
Sberbank First Vice President Aleksandr Vedyahin told reporters in Vladivostok, Russia, that they will soon start providing yuan-denominated loans to companies.
Explaining that they also plan to provide loans in Indian rupees in the future, Vedyahin said that the demand for rupee-denominated loans remains low for now.
VTB Chief Executive Officer (CEO) Andrey Kostin also told reporters that VTB is also preparing to provide yuan-denominated loans to companies.
“We are currently evaluating 11 projects worth about 450 billion rubles (about $7.5 billion). They mainly involve demand for yuan loans.”
The Russian Central Bank had announced that the use of the dollar and euro now poses risks, so additional measures will be introduced to help speed up the process of moving away from these currencies and reduce banking transactions in such currencies.
