Indian banks fear aligning payment messaging system with Russia — media ...News

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Indian banks fear aligning payment messaging system with Russia — media
source : Russia Today ( News ) () 47
Cooperation could be viewed as an attempt to sidestep US sanctions, Indian bankers say Indian banks and financial institutions do not support the idea of integrating the country’s internal system for transmitting financial information (SFMS) with Russia’s Financial Messaging System (FSFS), the Economic Times reported on Friday citing sources in the banking sector. India’s financial institutions reportedly fear that the step may be treated as an attempt to circumvent US penalties that have been imposed on Russian banks as part of broader sanctions in response to Moscow’s military operation in Ukraine. The issue was

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