FINANCE, LAW, News

Visa and Mastercard to remain in Russia

Credit: Kirill Kallinikov | RIAN

Visa and Mastercard payment systems will not leave Russia after the bill that prohibits disconnecting the Russian banks subject to sanctions, believes Anatoly Aksakov, Head of the State Duma Committee on Financial Market, who spoke at a Parlamentskaya Gazeta news conference on July 22.

“International payment systems must operate here under Russian law. They must ensure uninterrupted servicing of their cards. Current contracts between the international payment systems and Russian banks there is a clause that allows terminating the contract in case of sanctions against the banks. We believe it is discriminatory against our financial institutions,” the parliament member said.

He added that once the bill is passed Visa and Mastercard will not exit Russia.

However, even if it happens, other companies will get a chance to grow in the payment system market.

On July 23, the State Duma will have a second reading of the amendment to the law on the national payment system that is to ensure uninterrupted car payments in Russia. The bill will prohibit subsidiaries of the international payment systems from suspending transactions of the banks affected by sanctions.

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