Russian bank

MUMBAI, DECEMBER 3: Vnesheconom Bank, the bank for foreign economic affairs of Russia, is celebrating its 75th anniversary this year. First deputy chairman of the bank, Vladimir A Dmitriev, who was in India for the occasion, is also holding talks with India8217;s financial and banking community.

quot;Though our relations have always been good and are still good, due to difficulties in our country and in India, strengthening of our economic relations has to some extent lost momentum,quot; he said. Vnesheconombank is the only Russian bank permanently participating in inter-governmental commissions on trade, economic, scientific and technological co-operation of the Russian Federation with foreign countries including India, he added.

The bank8217;s business co-operation with India exceeds 40 years. It is the only bank authorised by the Russian government to fulfil transactions under the debt repayment route.