Russia Seeks Sanctions Breakthrough in India Following China

Russian Foreign Minister Lavrov to Visit India on the 31st

Sergey Lavrov, Russian Foreign Minister [Photo by TASS Yonhap News]

[Asia Economy Reporter Byunghee Park] Sergey Lavrov, Russia's Foreign Minister (photo), is reported by Bloomberg on the 29th to visit India for a two-day schedule starting on the 31st (local time). The agency emphasized the significance as it is the first overseas trip by a top Russian official since Russia invaded Ukraine.

Foreign Minister Lavrov is scheduled to hold talks with Subrahmanyam Jaishankar, India's Foreign Minister, and also meet Ajit Doval, India's National Security Advisor. An anonymous source said discussions will include Russian crude oil exports to India and payment settlements in rubles and rupees.

Regarding payment settlements, it is expected that India and Russia will discuss using Russia's independently established NSPK payment network for future trade. Due to Western sanctions, Russia was expelled from the SWIFT international banking communication network. However, after the annexation of Crimea in 2014 and in response to Western sanctions, the Russian government established its own payment network, NSPK, and in 2015 issued the Mir credit card based on NSPK. According to The Wall Street Journal, thanks to NSPK, Visa and MasterCard withdrew from the Russian market, but Russians continue to use Visa and MasterCard without any issues at least within their own country. Currently, the NSPK payment network is accepted in some countries that were part of the former Soviet Union. Recently, Russia has been negotiating with Venezuela, Iran, and others to expand NSPK's international network.

India has traditionally advocated non-aligned diplomacy. India is a member of the Quad (Quadrilateral Security Dialogue among the US, Japan, Australia, and India) led by the United States, and also a member of the Shanghai Cooperation Organization (SCO) established by China and Russia. India has refrained from overt criticism of Russia's invasion of Ukraine. India has emphasized a principled stance that Russia and Ukraine should abandon hostile attitudes and seek diplomatic solutions through dialogue.

India is also the largest purchaser of Russian weapons. India has expressed opposition to strong sanctions against Russia, stating that Russian weapons are necessary to prepare for China's military buildup and armed conflicts with Pakistan.

This content was produced with the assistance of AI translation services.