Page 104 - RusRPTJul22

Sberbank is under US and UK blocking sanctions. And in early June, the European Union also imposed sanctions on the bank, disconnecting the credit institution from the international SWIFT system.
Sberbank stopped all transfers abroad in foreign currency for individuals in early April and continues to make such transfers only for legal entities.
What share of settlements in yuan between Russia and China goes through Sberbank is unknown. Overall, the yuan accounts for a quarter of trade between the countries, Foreign Minister Sergei Lavrov said June 1. Back in January it was 10%, and in 2020 the figure was also called 25%.
Earlier this week, Reuters, citing sources, wrote that Sberbank was having difficulty converting rupees into rubles due to sanctions. Because of this, according to the agency, the Indian company Indian Potash cannot pay for the Belarusian potash. Sberbank denied the information.
Bypassing sanctions with the help of settlements in national currencies, apparently, is not very successful so far. And the difficulties arising from this can scare off partners from "friendly" countries. For example, the story of the Indian Potash calls into question the plans for the transition of Russia and India to payments in rubles and rupees, Reuters noted. Now India is unlikely to go for it, say Indian officials interviewed by the agency.
104 RUSSIA Country Report October 2020 www.intellinews.com