Russia’s Sberbank has launched accounts in Indian rupees as it claims consumer demand for the US dollar and euro have fallen during the second year of the country’s invasion of Ukraine.

In a statement on its website, the bank said the accounts will be available from 14 June 2023. It added “the bank supports the trend of de-dollarisation and constantly increases the number of foreign currencies available to clients.”

According to a survey of 11,000 Russians conducted by the bank, around 12 per cent of people are willing to invest money in currencies of Russian allies including the Armenian dram, the Kazakh tenge, and the Uzbek sum. The Chinese Yuan is the most popular foreign currency.

Sberbank said half of Russians see currencies as a means of capital appreciation and eight per cent of Russians are willing to invest in foreign currency as an asset.

The number of Russians willing to save in rubles increased to over 60 per cent this year, compared with 40 per cent last year.

A number of financial institutions have withdrawn from Russia due to the ongoing conflict with Ukraine. Earlier this year, Deutsche Bank announced it will close its remaining IT operations in Russia. The German bank reportedly employed 1,500 IT staff in Russia across offices in Moscow and St Petersburg.

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