In the past, nations under sanctions just accepted their fate and hoped the US government didn’t apply more. Putin is re-writing that playbook.

India & Russia Finished Working on a SWIFT Alternative. Will launch within a week, Allowing Import/Export transactions in both Rupees and Rubles.

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Operation “Y”

India and Russia completed work on alternative transaction platform considered as replacement for SWIFT, as reported from Economic Times newspaper with reference to sources.

The new payment system is likely to be installed in Central Bank of Russia, Reserve Bank of India, VEB (Vnesheconombank). It is expected that the new system will be enacted in the course of the week and will be able to provide “unhindered transmission of import or export documents on transactions in rupees and rubles.”

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