Russia’s VEB.RF Group plans to widen its Indian footprint as Moscow seeks smoother access for Russian firms operating in the country. The announcement came as Russia President Vladimir Putin is on a two day visit to India between December 4 and 5 2025.

According to a report by Reuters, several banks beside VEB.RF are also looking to setup new branches in India, namely Gazprombank(GZPR:MOEX) and Alfa Bank(MOEX:ALFB).

This is perhaps to facilitate a deluge of Russian companies that are seeking to enter the Indian market and conduct operations. Russian media reports indicate that the Kremlin received a large numbers of requests to join the business delegation accompanying Putin on his trip.

The Kremlin ultimately included only those firms India too requested meetings with. Moscow is likely examining ways to redirect the sizeable amount of its revenues stuck in Indian rupee denominations earned mostly from selling heavily discounted hydrocarbons to India and channel it into investment for future Russian joint-venture manufacturing in India.

The payments settlement between India and Russia have been a major issue since most Russian institutions of consequence have been cut off from much of the global financial system following Group of Seven(G7) sanctions imposed on Russia in the wake of its 2022 full scale invasion of Ukraine.

Russia’s de facto development bank, VEB.RF, is central to this strategy. Russia VEB.RF Chairman Igor Shuvalov said the bank’s longstanding India office works across BRICS and SCO projects, credit facilities and high-technology cooperation in fields such as pharmaceuticals.

In a seperate interview with India Today President Putin too opined that Russia not only exports military hardware to India but also transfers technological know-how to advance India's own domestic manufacturing base. This dimension is sure to become a win-win in a series of probable future joint ventures faciliatated by the dual India-Russia military industrial complex.

As quoted by Vedomosti, VEB.RF’s Deputy Chairman Artem Dovlatov also revealed that logistics and infrastructure opportunities are being reviewed, including a potential single-window platform for Russian institutions. Another one of the bank’s representative Alexey Kechko said the India office also handles intergovernmental debt accounting and the clearing of rupees payments to Russian vendors.