India and Russia are exploring the possibility of accepting Russian Mir cards and Indian RuPay for payments under Western sanctions. This is reported by The Economic Times, citing sources.
The interlocutors of the newspaper said that the parties decided to start studying this issue at the recent Indian-Russian intergovernmental commission on trade, economic, scientific, technological and cultural cooperation. In addition, at a meeting co-chaired by Indian Foreign Minister Subramanyam Jaishankar and Russian Deputy Prime Minister Denis Manturov, it was decided to explore the possibility of interaction between the Single Payment Interface, the National Payments Corporation of India and the Bank of Russia Fast Payment System. It is also planned to consider the introduction of the Russian financial messaging system for cross-border payments.
Now, reminds The Economic Times, payments between countries are made through SWIFT.
Recall that after the start of the CBO, Western countries disconnected many large Russian banks from SWIFT, and Mastercard and Visa payment systems left the country. In mid-September 2022, the US Treasury threatened foreign banks with sanctions for cooperation with the Russian payment system Mir.
Source: Rosbalt
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