New Delhi, Nov 27 (NationPress) Russia and India are enthusiastic about establishing a connection between their national payment systems, with this topic expected to be a key focus during President Vladimir Putin's visit to New Delhi in December, as per reports from Moscow.

Deputy Foreign Minister Andrey Rudenko informed Izvestia that during Foreign Minister S. Jaishankar's recent trip to Moscow, discussions were held regarding the integration of Russia's Mir and India's RuPay payment systems, particularly during his meeting with President Putin.

This information was disclosed on November 27 on RT’s news platform, which is a government-funded international news outlet.

According to RT, Rudenko expressed optimism about achieving mutual recognition of the Mir and RuPay systems.

"This would undoubtedly facilitate a larger influx of Russian tourists to India, making it easier for them to navigate and avail services from our Indian partners," he stated, adding: "We are hopeful that this matter and others will be resolved soon."

Following the conflict in Ukraine, Western sanctions on Russian banks have compelled numerous travelers from Russia to rely on cash transactions in India.

Similarly, Indian travelers to Russia encounter issues as international Mastercard and Visa cards are not functional there, as reported by RT.

The integration of Russian and Indian payment systems can be executed relatively swiftly on a limited scale, Izvestia reported, citing Alexey Kupriyanov, head of the Center of the Indo-Pacific Region at the Primakov National Research Institute.

"The next phase involves linking Russia’s SBP (Faster Payments System) with India’s UPI (United Payments Interface), ideally facilitating mutual settlements through Mir and RuPay," Kupriyanov remarked.

This payment method could eliminate intermediary requirements and cut currency exchange commissions by as much as 30%, analysts noted.

The report also highlighted that trade settlements between Russia and India are increasingly being conducted in their national currencies, with 90% occurring in rupees and roubles, the paper stated.

"India also settles payments for Russian oil using currencies from nations that maintain amicable relations with Moscow," it added.

Meanwhile, U.S. President Donald Trump previously indicated that India might reduce its dependency on Russian oil, a trend he predicted would soon be mirrored by China.

Nonetheless, India’s External Affairs Ministry refrained from confirming or denying this assertion. President Putin is anticipated to arrive in New Delhi next month for his first visit in four years to engage in the annual India-Russia Summit.

The agenda for the meeting is also likely to cover defense relations, maritime collaborations, trade growth, and regional stability.