India and Russia have agreed to explore the possibility of accepting Russian Mir cards and Indian RuPay for payments under the sanctions imposed on Moscow. It is reported by The Economic Times, citing sources.
The interlocutors know that the parties have decided to start studying the issue of mutual acceptance of cards of national payment systems in the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
Also at the meeting, chaired by the Foreign Minister of India, Subramanyam Jaishankar, and the Deputy Prime Minister of the Russian Federation, Denis Manturov, it was decided to explore the possibility of interaction between the Unified Payment Interface (UPI) of the Corporation National Payment System of India and the Faster Payment System (FPS) of the Bank of Russia.
The parties also plan to discuss the issue of the introduction of the Russian Financial Messaging System (SPFS BR) for cross-border payments.
The Economic Times recalled that now payments from India to Russia and vice versa go through SWIFT.
Western countries disconnected many Russian banks from SWIFT after the start of a special operation in Ukraine, and Mastercard and Visa payment systems also left the country. In September 2022, the US Treasury threatened foreign banks with penalties for cooperating with the Russian Mir payment system.
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