Russia proposes SWIFT alternative to India for Ruble payments

Russia proposes SWIFT alternative to India for Ruble payments

The plan involves rupee-ruble-denominated payments using Russia’s messaging system SPFS, the people said, asking not to be identified discussing confidential deliberations.





March 30, 2022 / 02:11 PM IST





The headquarters of Bank Rossii, Russia's central bank, in Moscow, Russia, on Monday, Feb. 28, 2022. The Bank of Russia acted quickly to shield the nation’s $1.5 trillion economy from sweeping sanctions that hit key banks, pushed the ruble to a record low and left President Vladimir Putin unable to access much of his war chest of more than $640 billion.



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 comment.

India is keen to continue bilateral trade due