Russia offers SWIFT alternative for dollarless trade with India
BATTLEFORWORLD.COM | March 31, 2022: News out of India is reporting that the government there is considering Moscow’s proposal to activate the Russian payment messaging system called SPFS, an alternative to SWIFT, which allows direct rupee-ruble transfers in bilateral trade. The mechanism was developed by the Russian central bank and is expected to boost commerce between the two countries by avoiding U.S. dollar-denominated trade, and allow consumer to continue their purchases from Russia, bypassing Western sanctions. The final decision to turn on the system is expected after Russian Foreign Minister Sergey Lavrov two-day visit to India, scheduled for Thursday March 31.
…Russia also wants India to link its Unified Payments Interface with their MIR payments system to ensure seamless use of cards issued by banks of both countries, to sidestep Visa and Mastercard suspended operations in Russia.
Russia offers SWIFT alternative, the SPFS payment system.
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