Thanks for posting.
Russia has been preparing for possible sanctions in the form of SWIFT exclusion since 2014. That was when it faced sanctions for annexing Crimea. It has set up a messaging system SPFS (which translates into a system for the transfer of financial messages), which works within the country. There are plans to integrate it with China’s Cross-border Inter-bank Payments System (CIPS). This will facilitate trade between Russia and China.
Following the collapse of the Soviet Union in 1991, India had entered into a rupee-rouble trade arrangement with Russia to ensure that defence and other imports could continue. In 2018, a pilot project was run where Indian importers paid in roubles for diamond imports. These payments were made to the Indian branch of Russia’s Sberbank. SBI and Canara Bank have a joint venture (The Commercial Indo Bank), which might be able to help Indians there.
What will be the long-term implications of the ban?
The impact on Russia will depend more on the geopolitical situation. However, the second-order impact would be the development of alternate networks. The decision to restrict Mastercard and Visa to stop processing Russian payments in 2014 led to the creation of regional card networks. The same may happen now with cross-border. Before the pandemic, India, Russia and China were planning an alternative to the SWIFT, using the BRICS platform to launch it. Such initiatives may gain steam.
Built by Indian software developers.
Let me rephrase that..."garbage" built by Indian software developers.
Seriously, they have cost US companies more money in reworked efforts than just about anything else in the last two decades.