Russian President Vladimir Putin will travel to New Delhi on December 4-5 for the 23rd India-Russia Annual Summit, where linking the two nations’ payment systems will feature prominently on the agenda, both governments confirmed this week.
The summit will focus on integrating Russia’s Mir card and Faster Payments System (SBP) with India’s RuPay and Unified Payments Interface (UPI), creating a digital payments corridor that bypasses Western financial infrastructure. The integration would reduce transaction costs by up to 30% and allow seamless QR code and electronic wallet payments between the countries, eliminating reliance on intermediaries.
Deputy Foreign Minister Andrey Rudenko told Russian media that technical discussions between External Affairs Minister S. Jaishankar and Putin during the Shanghai Cooperation Organisation summit in Moscow earlier this month laid groundwork for the payment link. “This would contribute to a greater influx of Russian tourists to India, would help them navigate the country and purchase goods and services,” Rudenko said.
Indian officials describe the technical discussions as now in “advanced alignment”. The timing carries strategic weight as India prepares to assume the BRICS chairmanship in 2026, with the payment integration potentially serving as a model for broader BRICS financial cooperation.
Geopolitical Context
The summit comes as India faces pressure from multiple directions. President Donald Trump imposed cumulative tariffs of 50% on Indian goods in August, including a 25% duty specifically targeting India’s Russian oil purchases. India’s crude oil imports from Russia are expected to hit three-year lows in December as refineries seek alternatives to comply with U.S. sanctions on Russian energy companies that took effect November 21.
During the visit, President Putin will hold talks with Prime Minister Narendra Modi and meet separately with President Droupadi Murmu. The Ministry of External Affairs said the visit will “review progress in bilateral relations, set the vision for strengthening the ‘Special and Privileged Strategic Partnership’ and exchange views on regional and global issues”.
Defence cooperation will also feature prominently. India is expected to push for five additional S-400 air defence squadrons following the system’s performance during Operation Sindoor, though Defence Minister Rajnath Singh indicated no major procurement announcements are expected during the visit.
Visa-free travel for tourist groups is also nearing finalization, with Moscow indicating only procedural details remain. Russia and India currently conduct 90% of their bilateral trade in national currencies.