According to four people familiar with the matter, Gazprombank and Alfa-Bank are seeking permission to do business in India. The move comes at a time when Russia is seeking to expand the scale of trade with its largest offshore oil customer. US President Trump recently pressured the Indian authorities over India's relationship with Russia, and India and Russia aim to increase bilateral trade volume from the current $69 billion to $100 billion by 2030. Alfa-Bank is Russia's largest private bank and has been subject to Western sanctions since the Russian-Ukrainian conflict. Gazprombank, which is partly owned by the energy company Gazprom, previously mainly handled payment services for Moscow's energy exports until last year, when it was added to the sanctions list. Four sources said that the two banks have applied for a license from the Bank of India to open branches in the country, and it is expected that the relevant news will be announced during Russian President Vladimir Putin's visit to India.

According to four people familiar with the matter, Gazprombank and Alfa-Bank are seeking permission to do business in India. The move comes at a time when Russia is seeking to expand the scale of trade with its largest offshore oil customer. US President Trump recently pressured the Indian authorities over India's relationship with Russia, and India and Russia aim to increase bilateral trade volume from the current $69 billion to $100 billion by 2030. Alfa-Bank is Russia's largest private bank and has been subject to Western sanctions since the Russian-Ukrainian conflict. Gazprombank, which is partly owned by the energy company Gazprom, previously mainly handled payment services for Moscow's energy exports until last year, when it was added to the sanctions list. Four sources said that the two banks have applied for a license from the Bank of India to open branches in the country, and it is expected that the relevant news will be announced during Russian President Vladimir Putin's visit to India.