Russia's VTB to expand cross-border transfers with India, Turkey

Russia’s second-largest lender VTB announced on Thursday that it will expand the number of countries to which retail clients can send money from 11 to 25, with India and Turkey serving as significant new destinations.

VTB was particularly hard impacted by sweeping Western sanctions, which barred it from doing transactions in key world currencies and from using the international SWIFT payments system shortly after Moscow pushed tens of thousands of troops into Ukraine on February 24, 2022.

“The key destinations in the outlook of this year will be India and Turkey, with whom our country has established partnership relations and where the tourist flow is now directed,” said Deputy President-Chairman of VTB’s management board Anatoly Pechatnikov.

VTB CEO Andrei Kostin last week told Reuters the end of the dominance of the U.S. dollar was nigh as the Chinese yuan rises and the rest of the world sees the peril of the West’s failed attempt to bring Russia to its knees over Ukraine.

Kostin also said VTB was working to ensure Russians could pay comfortably when overseas.

In January-May this year, Belarusian roubles accounted for 43% of VTB’s soft currency cross-border transfers, followed by the Kazakh tenge with 39% and the yuan with 14%.

With inputs from Reuters.

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