M.K. Bhadrakumar
The lodestar of Prime Minister Narendra Modi’s talks with Russian President Vladimir Putin in Moscow on July 8-9, it must be the disclosure by the Deputy Head of the Presidential Administration in the Kremlin Maxim Oreshkin that the two leaders discussed the topic of cash payments with the use of cards of national payment systems as an important element of trade support infrastructure and interaction in general.
Oreshkin added that the two countries are also putting in place an arrangement on interaction between their central banks on the issue of accepting national payment card.
At one stroke, Modi electrified the forthcoming BRICS Summit in Kazan in October. Modi also informed Putin that he will be attending the summit meeting. It is no secret that the BRICS member states are seeking to improve the international monetary and financial system and are prioritising the creation of a platform that will enable them to conduct transactions in national currencies in mutual trade.
The Russian Foreign Minister Sergey Lavrov had announced after a meeting of the economic bloc’s foreign ministers in Nizhny Novgorod, Russia, last month that “Our agenda is extensive. It includes issues that will directly affect the future world order based on fair grounds.” Indeed, more and more countries are having doubts about SWIFT, after many Russian banks were cut off from the Belgium-based financial messaging system following the start of the Ukraine conflict in 2022.
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