Russian companies, despite Western sanctions, are looking to expand in Global South countries, focusing on raw material processing in China and elsewhere. VTB bank, involved in foreign acquisitions like India’s Essar Oil, now Nayara Energy, emphasizes domestic market focus. CEO Kostin believes Russian oil firms will adapt and thrive despite sanctions.

Kostin, part of President Putin’s delegation to India, acknowledges the impact of U.S. sanctions on Russian oil exports to India. He believes India will find it challenging to give up discounted Russian oil, despite difficulties in trade transactions and settling in national currencies. VTB plans to expand presence in India, eyeing increased exports of machinery and pharmaceuticals.

Read more at Yahoo Finance: VTB CEO says Russian firms are eyeing Global South for expansion