Russia, India to discuss Swift alternative for rouble payments when Lavrov visits New Delhi
- Russia needs new cross-border payment plan after its banks were barred from using international Swift payment system following invasion of Ukraine
- Rupee-rouble payment plan will allow India to buy Russian oil and weapons, claiming its arms’ purchases are needed to counter China ’s military assertiveness
A finance ministry spokesman was not immediately available for a comment. Lavrov’s visit will coincide with visits by British foreign secretary Liz Truss and US Deputy National Security Advisor for International Economics Daleep Singh.
Under the proposal, roubles will be deposited into an Indian bank and converted into rupees and the same system will work in reverse, one of the people said. Undecided elements include whether the exchange rate will be fixed or floating.
Russia also wants India to link its Unified Payments Interface with their MIR payments system for seamless use of cards issued by Indian and Russian banks after Visa Inc. and Mastercard Inc. suspended operations, one of the people said.
Why the Quad’s OK with India – not China – giving Russia economic support
India has not outright condemned Moscow’s attack on its neighbour, saying only that Russia and Ukraine should end hostilities and seek a diplomatic solution through dialogue. However, New Delhi is under pressure from fellow members of the Quad grouping, which includes the US, Australia and Japan, to take a stronger stand against Russia as the US and its allies try to isolate Moscow.
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Additional reporting by Agence France-Presse