India, which buys oil and weapons from Russia, which was exposed to sanctions by Western countries due to its invasion of Ukraine, is evaluating Russia’s new offer.
With the new plan, the SPSF system developed by Russia as an alternative to SWIFT will be used for rupee-ruble payments. The sources stated that a final decision has not been taken yet and that the issue will be discussed during the visit of Russian Foreign Minister Sergey Lavrov on Thursday.
India wants to maintain its bilateral relations with Russia, as it buys cheap oil from Russia after the rise in global oil prices. India did not condemn Moscow’s attack on Ukraine, and stated that the two countries should establish a dialogue for a diplomatic solution.
The USA and the European Union decided to remove 7 Russian banks from the international payment system SWIFT due to the attack.