#India-Russia partner sovereign payments: UPI,MIR& SPFS Link-Up
"India-Russia Financial Pact: A Geo-Economic Step Toward Multipolarity"
#India-Russia partner sovereign payments! India and Russia have long shared strategic ties, extending across defense, energy, and trade. In a shifting global financial landscape marked by sanctions and de-dollarization efforts, the two nations are now exploring sovereign payment systems to ensure uninterrupted bilateral trade. By bypassing traditional dollar-based transactions, this partnership aims to strengthen financial sovereignty, enhance mutual trust.
India-Russia collaboration focuses on linking India’s Unified Payments Interface (UPI) and RuPay card system with Russia’s MIR card and SPFS (System for Transfer of Financial Messages), the Russian alternative to SWIFT.
By Dr. Namrata Mishra Tiwari editor, India Input.
This integration seeks to facilitate seamless cross-border payments, reduce dependency on the US dollar, and counter the impact of Western sanctions on Russia. With trade between India and Russia surpassing $65 billion in FY 2023–24, the need for robust, sanction-proof financial infrastructure has become critical.
The proposed system will allow Indian and Russian citizens to use their domestic digital payment platforms for transactions in each other’s countries. Indian tourists in Russia may soon be able to use UPI apps, while Russian visitors could use MIR cards in India.
‘🇮🇳🇷🇺 UPI MEETS MIR: INDIA, RUSSIA BUILDING NEW FINANCIAL HIGHWAY’
Sputnik India tweets on ‘X’!
🚨🇮🇳🇷🇺 UPI MEETS MIR: INDIA, RUSSIA BUILDING NEW FINANCIAL HIGHWAY
India & Russia are advancing efforts to link:
Card networks: RuPay and Mir
Payment systems: UPI and SPFSNo Visa. No Mastercard. No SWIFT.
Just sovereign systems.
Here’s how two old allies are rewiring… pic.twitter.com/7kSFQhB0gs
— Sputnik India (@Sputnik_India) July 16, 2025
#India-Russia
UPI & SFS Link-Ups
Additionally, talks are underway to link UPI with SPFS, enabling direct rupee-ruble settlements, which would expedite payments for defense deals, energy trade, and other commercial transactions. This move aligns with India’s broader push for de-dollarization and financial sovereignty, following similar UPI collaborations with countries like UAE, France, and Singapore.
“India & Russia to link UPI with MIR & RuPay with SPFS — bypassing Visa, Mastercard & SWIFT!”
Gaurav tweets on ‘X’
🇮🇳🤝🇷🇺 India & Russia to link UPI with MIR & RuPay with SPFS — bypassing Visa, Mastercard & SWIFT!
A bold step towards sovereign financial systems. 🔥💳#UPI #MIR #IndiaRussia #RuPay #Geopolitics pic.twitter.com/0nWwn7rJat
— Gaurav (@k_gauravs) July 18, 2025
The partnership is not only strategic but also symbolic, reflecting both nations’ intent to create a multipolar financial world order. While regulatory, technological, and security challenges remain, the success of this financial integration could set a precedent for other emerging economies seeking alternatives to Western financial dominance.
UPI : India’s success story in digital infrastructure
Tweets Harry Minati on ‘X’
UPI : India’s success story in digital infrastructure
See how German Federal Minister for Digital and Transport @Wissing experienced and was fascinated by the simplicity of UPI payments first hand
How UPI makes transactions instantly
Millions of Indians use #UPI everyday pic.twitter.com/0OWOsJavbR
— Harry Minati (@harryminat1) August 21, 2023
Most global trade is settled in USD . For India and Russia, using Rupees ₹ and Rubles through linked payment and messaging systems can reduce the need to convert local currencies into dollars, thus lowering costs, avoiding exchange rate risks, and preserving dollar reserves.
Financial Sovereignty
By using domestic systems like UPI and MIR, both countries aim to assert more control over their financial infrastructure, moving away from reliance on Western-dominated mechanisms.
Pro-Multipolarity
The move isn’t an attack on the dollar but a step toward a multipolar financial order, where multiple currencies and systems coexist. It gives countries more options and resilience in a changing geopolitical landscape
SWIFT– Society for Worldwide Interbank Financial Telecommunication.
It is a global messaging network used by banks and financial institutions to securely send and receive information, such as instructions for transferring money internationally.
Not a payment system – SWIFT does not move money or hold accounts. It simply sends secure messages between financial institutions, like a global standardized email for banks.
Founded in 1973 – Headquartered in Belgium, SWIFT connects 11,000+ financial institutions in over 200 countries.
Standardized messaging – SWIFT uses standardized message formats (like MT103 for international payments), which banks use to ensure accurate and efficient cross-border transactions.
Countries like Russia (SPFS), China (CIPS), and India (testing domestic systems) are developing SWIFT alternatives to reduce dependence and shield themselves from geopolitical risks dominant in global finance:
Why It Matters? Trust & security-“SWIFT is considered a secure, reliable, and fast way for institutions to communicate globally.”
Sanctions tool – Being cut off from SWIFT as Russia was in (2022) can isolate a country from global finance, making it difficult to receive or send international payments.
Most international trade and remittances rely on SWIFT. It’s essential to the US Dollar dominated global financial systems.
SWIFT is the backbone of global bank communication for international transactions. While it doesn’t handle the money itself, it tells banks how and where to move it—making it a crucial pillar of modern finance.
Courtsey :
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