Both banks have requested licenses from India’s central bank and are expected to announce their plans soon, the sources said, speaking on condition of anonymity.
Alfa Bank, Russia’s largest privately-owned bank, has been under Western sanctions since 2022 following Russia’s full-scale invasion of Ukraine. Gazprombank, partially owned by energy giant Gazprom, mainly handled payments for Moscow’s energy exports until it too was sanctioned last year.
The Reserve Bank of India, India’s finance ministry, the Russian embassy, and representatives from both banks did not immediately respond to requests for comment.
