Russia looking towards India to deal with economic sanctions can take advantage of the agreements signed last year

Russia’s ‘special military action’ in Ukraine is intensifying. The Russian army is trying to capture Ukraine’s capital Kiev and many other cities. After the attack on Ukraine, Russia has imposed strict economic sanctions on Russia from many Western countries including America. From the western side so far with Russia’s financial sector, energy and transport sector, dual use goods, export control, visa policy.

Influential people have been banned. Many big multinational companies have announced their exit from the Russian market in the past. At the same time, the EU has also excluded Russia from the Global Interbank Payments Systems (SWIFT). At the same time, Russia is also looking at India as an option. Let us tell you that, when Russian President Vladimir Putin visited India last year, there were some important agreements, which can now prove to be of great use for Russia.

In fact, during Putin’s visit to India, important agreements were signed between India and Russia regarding India’s digital payment interface UPI (UPI) and domestic payment system RuPay (RuPay). During this, both the countries had agreed to use RuPay and Mir Card in the national payment infrastructure. During this time an agreement was also reached on the interaction of UPI and Faster Payment System of Bank of Russia. Now Russia can take advantage of these agreements to lift itself from economic sanctions.

Companies exiting the Russian market include credit card and payments giant Visa and MasterCard. Now all transactions initiated with Visa cards issued in Russia will not work outside the country. The common citizens of the country are facing a lot of problems when the company leaves the country. According to media reports, now Russian banks are adopting China’s payment system.