Russian banks have increased settlements in national currencies with Asian countries.

      Photo: provided by VTB

      Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. This was reported by VTB President and Chairman Andrey Kostin to the Russia24 channel at the WEF 2026. According to him, the volume of work of VTB's subsidiary bank in China has increased approximately 40 times over the year. It was easier to establish transactions in national currencies with China due to balanced bilateral trade, while it was more difficult with India: the bank previously faced an excess of rupees, which it had to learn to exchange for other currencies. VTB also conducts transactions in national currencies with Vietnam. "We are doing this quite easily today, despite the fact that the pressure from sanctions is not weakening," noted Kostin. According to him, this is not about creating an alternative to the dollar payment system, but about a parallel system in case it is used again as a tool for political pressure. Such a cohesive system does not yet exist, but some of its elements are already functioning with friendly countries. Kostin also spoke about the structure of interest from Chinese investors in Russia: in addition to traditional sectors such as energy and natural resource extraction, there is growing interest in high technologies, including robotics, as well as in the automotive industry. The facilities that previously produced Western car models are now being reoriented to produce Chinese brands. The bank is also expanding its presence in India: according to Kostin, VTB plans to open an office in Mumbai, the financial center of the country, where the Reserve Bank of India is located, within six months. The joint bank of VTB and its Vietnamese partners (50-50 shares) is celebrating its 20th anniversary this year; according to Kostin, a large part of the transactions in national currencies between Russia and Vietnam currently goes through it.

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      More news on the event:

      Russian banks have increased transactions in national currencies with Asian countries. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 18:51 03.09.2026 Nizhny Novgorod Truth - Nizhny Novgorod

      Russian banks have increased transactions in national currencies with Asian countries. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 18:25 03.09.2026 NTA-Privolzhye - Nizhny Novgorod

      Russian banks have increased transactions in national currencies with Asian countries. Photo: provided by VTB. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 18:24 03.09.2026 NIA Nizhny Novgorod - Nizhny Novgorod

      News from neighboring regions on the topic:

      VTB Head: Chinese investors are becoming interested in Russian high-tech and automotive industries. YUZHNO-SAKHALINSK, September 5, IA "Sitisakh.ru". The structure of interest from Chinese investors in Russia is changing: in addition to traditional sectors such as energy and natural resource extraction, there is growing interest in high technologies. 20:41 05.09.2026 CitySakh.Ru - Yuzhno-Sakhalinsk

      Russian banks have increased transactions in national currencies with Asian countries. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 11:11 05.09.2026 Om1.Ru - Omsk

      Russian banks have increased transactions in national currencies with Asian countries. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 21:28 04.09.2026 KomiOnline.Ru - Syktyvkar

      Russian banks have increased transactions in national currencies with Asian countries. Photo from the archive. © Volzhsky.ru. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 18:16 04.09.2026 Volzsky.Ru - Volzhsky

      VTB has increased its portfolio of foreign trade contracts for SMEs by one and a half times. The number of foreign trade contracts for VTB's small and medium-sized business clients increased by 56% in the first half of 2026 compared to the previous year. 17:21 04.09.2026 Internet Newspaper Steppe News - Elista

      VTB has increased its portfolio of foreign trade contracts for SMEs by one and a half times. The number of foreign trade contracts for VTB's small and medium-sized business clients increased by 56% in the first half of 2026 compared to the previous year. 16:57 04.09.2026 Network Publication Watermelon - Astrakhan

      VTB has increased its portfolio of foreign trade contracts for SMEs by one and a half times. Entrepreneurs are most actively signing new deals with partners from China, CIS countries, Turkey, UAE, India, and Vietnam. 15:50 04.09.2026 Petersburg Diary - St. Petersburg

      Russian banks have increased transactions in national currencies with Asian countries. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 16:44 04.09.2026 Sk-News.Ru - Nalchik

      VTB has increased its portfolio of foreign trade contracts for SMEs by one and a half times. Entrepreneurs are most actively signing new deals with partners from China, CIS countries, Turkey, UAE, India, and Vietnam. 15:40 04.09.2026 Spbdnevnik.ru - St. Petersburg

      Payment turnaround: transactions in national currencies in trade have significantly increased. | Photo: VTB press service Alexander Shcherbak. Russian companies have significantly increased the volume of transactions in national currencies with Asian countries. 17:09 04.09.2026 IA Tyumen Line - Tyumen

      Russian banks have increased transactions in national currencies with Asian countries. Photo: VTB. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 14:21 04.09.2026 Info-Rm.Com - Saransk

      Russian banks have increased transactions in national currencies with Asian countries. They are growing despite sanctions. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 13:26 04.09.2026 GTRK Voronezh - Voronezh

      Russian businesses have increased transactions in national currencies with Asian countries. Domestic enterprises have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 14:57 04.09.2026 Newsprom.Ru - Tyumen

      Russian banks have increased transactions in national currencies with Asian countries. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 12:39 04.09.2026 City News Newspaper - Volgograd

      The key rate in Russia will not be raised anymore. Photo: VTB press service. This forecast was given by VTB President and Chairman Andrey Kostin during the WEF 2026 on the Russia 24 channel. 12:37 04.09.2026 Crimea News - Simferopol

      Russian banks have increased transactions in national currencies with Asian countries. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 12:36 04.09.2026 IA Height 102.0 - Volgograd

      VTB Head: Chinese investors are becoming interested in Russian high-tech and automotive industries. The structure of interest from Chinese investors in Russia is changing: in addition to traditional sectors such as energy and natural resource extraction, there is growing interest in high technologies, including robotics, as well as in the automotive industry. 19:25 04.09.2026 Teleport2001.Ru - Blagoveshchensk

      Andrey Kostin: the key rate will not be raised anymore. Lending to the Russian economy continues to grow, and the key rate of the Bank of Russia will decrease – this forecast was given by VTB President and Chairman Andrey Kostin during the WEF 2026. 13:10 04.09.2026 Sk-News.Ru - Nalchik

      Russian banks have increased transactions in national currencies with Asian countries. Russian banks have significantly increased the volume of transactions in national currencies with Asian countries after some Western and Chinese banks ceased servicing Russian-Chinese trade due to sanctions. 18:08 04.09.2026 VostokTeleInform - Ulan-Ude