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Russia proposes SWIFT alternative to India for Ruble payments

India is keen to continue bilateral trade due to its dependency on Russian weapons and the prospect of buying cheaper oil as global prices surge.

SWIFT payment system
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Shruti Srivastava and Vrishti Beniwal | Bloomberg
India’s government is considering a proposal from Russia to use a system developed by the Russian central bank for bilateral payments, according to people with knowledge of the matter, as the Asian nation seeks to buy oil and weapons from the sanctions-hit country.
 
The plan involves rupee-ruble-denominated payments using Russia’s messaging system SPFS, the people said, asking not to be identified discussing confidential deliberations. No final decision has been taken and the matter will probably be discussed when Russian Foreign Minister Sergei Lavrov arrives in India for a two-day visit Thursday.

A finance ministry spokesman wasn’t immediately available for a

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First Published: Mar 30 2022 | 1:08 PM IST

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