Two major Russian sanctioned banks seek entry into the Indian market.

According to four sources, Russia's Gazprombank and Alfa Bank are seeking permission to operate in India. This move comes as Russia is looking to expand trade with its largest seaborne oil customer. US President Trump has recently pressured Indian authorities on their relationship with Russia, while India and Russia aim to increase bilateral trade volume from the current $69 billion to $100 billion by 2030. Alfa Bank is Russia's largest private bank and has been under Western sanctions since the Russia-Ukraine conflict. Gazprombank, partially owned by energy company Gazprom, previously handled payment transactions for Moscow's energy exports until being sanctioned last year. The sources said that the two banks have applied to the Reserve Bank of India for permission to open branches in the country, and it is expected that the announcement will be made during Russian President Putin's visit to India.