Russia wants payment messaging system to align, but Indian banks wary

To protect themselves from fund blockage due to additional sanctions from western countries, Russian banks and other financial institutions are looking for ways to align their country’s payment messaging system with India’s messaging system. Indian banks are, however, reluctant to the idea, according to a report by Economic Times.

If the messaging platforms are connected, it might help improve the payment settlement mechanism between the two countries. Russian bankers believe that it will come in handy if additional sanctions are imposed on Russia in the coming days, the report added.

“Russian banks which are still unaffected by US sanctions, have no branch in India.