Putin’s December Visit Likely to Seal India–Russia National Payment System Link: Reports
Mir–RuPay integration, cross border settlements and tourism ease among key priorities for upcoming summit
India, Nov 28 : Russia and India are preparing to advance the India–Russia payment system linking, with President Vladimir Putin expected to place the proposal high on the agenda during his visit to New Delhi in December, according to reports from Moscow.
Deputy Foreign Minister Andrey Rudenko told Izvestia that External Affairs Minister S. Jaishankar, during his recent trip to Moscow, raised the possibility of linking Russia’s Mir card network and India’s RuPay system in his meeting with President Putin. The update was reported on Thursday, November 27, by RT, Russia’s state-run international news outlet.
Rudenko said Moscow hopes the two countries can finalise the mutual recognition of Mir and RuPay, noting that it would significantly benefit Russian visitors to India.
“This would contribute to a greater influx of Russian tourists, helping them navigate the country and use services provided by our Indian friends,” he said.
Tourist payments hit by sanctions
Since the war in Ukraine, Western sanctions on Russian banks have forced many Russian travellers to rely on cash payments in India. Conversely, Indian tourists face similar hurdles in Russia, as Mastercard and Visa cards do not function there. Mir–RuPay interoperability is seen as a practical solution.
Next step: Linking SBP with UPI
The integration of national card systems can be implemented “quickly on a limited scale,” Izvestia quoted Alexey Kupriyanov, head of the Indo-Pacific Centre at the Primakov Institute, as saying.
He added that the next phase would involve pairing Russia’s Faster Payments System (SBP) with India’s Unified Payments Interface (UPI), enabling businesses to conduct settlements directly through Mir and RuPay.
Analysts told the paper that linking the systems could remove intermediaries and reduce foreign exchange commissions by up to 30%.
Rise in rupee rouble settlements
The report noted that India and Russia have increased the use of their national currencies in trade, with 90% of transactions now carried out in rupees and roubles.
“India also pays for Russian oil in currencies of countries friendly to Moscow,” the report added.
Geopolitical backdrop
The story also referenced comments by US President Donald Trump, who earlier claimed that India would soon reduce its dependence on Russian oil, though India’s External Affairs Ministry has neither confirmed nor denied the statement.
President Putin is expected to arrive in New Delhi next month for his first visit in four years to attend the annual India–Russia Summit, where the agenda is likely to also cover defence cooperation, maritime ties, trade expansion and regional security.
