Russia proposes rupee-ruble payment system for India to buy oil
Russia offered India a payment system that would use its messaging system SPFS
• Russia offered India a payment system that would use its messaging system SPFS
Russia offered the Indian government a rupee-rouble payment system to buy oil from the country, said to a Bloomberg report on Thursday.
Russia, which has been hit by several sanctions from the U.S. and the European countries, offered India a payment system that would use Russia’s messaging system SPFS.
The Asian country, dependent on Russia for its oil and weaponry needs, has abstained in the past to vote against Russia at international platforms regarding the Ukrainian war.
Bloomberg reported that no final decision has been taken by India until now. Russian Foreign Minister Sergei Lavrov is expected to arrive in India for a two-day visit Thursday.
According to the plan proposed by Russia, roubles will be deposited into an Indian bank and converted into rupees and the same system will work in reverse.
Russia also proposed to link Indian Unified Payments Interface to its MIR payments systems for smooth transactions between the two countries.
Indian Prime Minister Narendra Modi has been facing pressure from the U.S. and fellow Quad group members to take a strong stand against Russia.
(With inputs from Bloomberg)
Picture Credits: Bloomberg
