Russia and India are preparing to deepen financial cooperation through the integration of their national payment systems. The topic is expected to feature prominently during President Vladimir Putin’s upcoming visit to New Delhi in December, according to senior Russian officials.
The proposal gained momentum after Indian Foreign Minister S. Jaishankar met with President Putin in Moscow earlier this month. Russian Deputy Foreign Minister Andrey Rudenko confirmed that both sides discussed connecting Russia’s Mir system with India’s RuPay network, as well as expanding compatibility with Indian-based services.
The initiative comes in response to persistent payment difficulties faced by travelers between the two countries. Russian tourists in India often rely entirely on cash due to Western sanctions that prevent Russian bank cards from functioning internationally. Indian visitors in Russia face the same situation, since Mastercard and Visa suspended operations in the country.
Moscow hopes the two sides can officially recognize and link Mir and RuPay, a move Russian officials say would simplify travel and commerce.
Rudenko noted that the change would make it easier for Russians to visit India and pay for services directly, strengthening tourism and economic ties. Analysts told Izvestia that such an arrangement could be implemented on a limited scale in the near future.
Alexey Kupriyanov, head of the Indo Pacific Center at the Primakov Institute, argued that the next step should be pairing Russia’s Faster Payments System with India’s Unified Payments Interface. This connection would allow businesses to settle transactions using Mir and RuPay, removing the need for intermediaries.
Experts say linking the systems would reduce currency exchange commissions by as much as 30 percent. It would also allow Russians and Indians to use QR payments, mobile wallets, and other digital tools in each other’s countries without relying on international banking networks.
These changes would increase financial autonomy for both nations, strengthening their long-term shift away from dollar dominated systems.
Russia and India have already made significant progress toward de-dollarization. According to Izvestia, around 90 percent of bilateral trade is now settled in rubles and rupees. India also purchases Russian oil using currencies of countries that maintain friendly relations with Moscow.
The potential integration of Mir and RuPay would mark another step in the countries’ broader strategy to build resilient financial channels free from Western pressure.