Sberbank denied reports of difficulties with converting rupees into rubles

The seller and the buyer are in the process of discussing the details of the calculations, they have no claims against Sberbank, they said. Reuters previously reported

Reports of Sberbank's problems with the conversion of rupees into rubles, due to which the Indian company Indian Potash allegedly cannot pay for Belarusian potash, do not correspond to reality, the press service of the bank told RBC.

“The seller and the buyer are in the process of discussing the details of the settlements, which the bank cannot comment on. There are no unfulfilled payments and claims neither from the side of the buyer, nor from the side of the seller to the bank," the press service said.

The fact that Sberbank faced difficulties in converting rupees into rubles was reported by Reuters the day before, citing a letter from Indian Potash and sources. According to the agency, in early February, Indian Potash, at the request of the Belarusian Potash Company (BPC), opened a rupee account at a branch of Sberbank in New Delhi, and then made the first payment of 1.77 billion Indian rupees ($23 million) to it.

Sberbank was supposed to convert the funds into rubles and transfer them to BPC. However, a letter from Indian Potash dated May 23 stated that only a “negligible” amount had been converted into rubles and the company could not wait indefinitely for the transaction to be processed. If Sberbank is not ready to confirm that it is able to complete this transaction, then Indian Potash can withdraw the funds transferred, it says in its appeal.

Mint learned about plans to switch to settlements with India in rubles and rupees

According to a Reuters source, Indian Potash asked the bank to respond within two days, but never received a response. Another Reuters interlocutor said that the implementation of the payment is complicated by the sanctions imposed against Russia . “This made it difficult to make payments in rubles, as [a number of] Russian banks were cut off from SWIFT,” he explained.

In turn, the RBC source did not link this situation with sanctions against Russia. “The client himself, who acts as a seller in the transaction, refuses to accept payments, as he cannot agree with the buyer who will pay the commission for the transfer. And the client thinks how to be,” he said.

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As Bloomberg reported in March, Russia and India discussed the possibility of switching to settlements in national currencies. However, Indian Potash's experience has shown that such mechanisms will still face difficulties, even if the parties find a way to avoid settlements in euros and dollars, writes Reuters. Against this background, three Indian officials told the agency that the country would be cautious for the time being in establishing a settlement mechanism in rubles and rupees between states. According to one of the interlocutors, India is likely to refrain from creating such a mechanism until there are signs of de-escalation in Ukraine.

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