MOSCOW--International payment systems Visa Inc. and MasterCard
Inc. will continue to work in Russia, the country's finance
minister said Tuesday as reported by Interfax.
"We can't quit using these systems, as more than 90% of
customers use them," the agency quoted Anton Siluanov as
saying.
However he didn't address the issue of the security deposit
which non-Russian payment systems will be obliged to place with the
country's central bank according to the newly adopted
legislation.
In attempt to avoid problems some Russian banks faced in March
with Visa and MasterCard, after the U.S. enforced sanctions in
connection with the annexation of Crimea, Moscow introduced a new
law concerning the creation of a national payment system, which
will work independently from Visa and MasterCard. Russian banks
have tried several times to create a local payment system, but none
of them were widely successful as customers preferred globally used
Visa and MasterCard.
Now the national payment system has the support of the Kremlin
and may be created soon.
As part of it, foreign payment companies are obliged to place a
two-day security deposit with the Bank of Russia.
Visa and MasterCard officials have said the new legislation will
dent their profit.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires