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Russian Parliament Approves Creation of Russian Card Payment System
5.05.2014 13:43
Russian Parliament Approves Creation of Russian Card Payment System

At the end of April, Russian senators approved a bill establishing a national card payment system (NCPS) at a session of the Federation Council. In particular, it has been agreed to make the ruble sign the official mark for the new system, which will be formed by the Central Bank of Russia.

      The new law also provides for the stiff requirements for payment system operators with clearing and settlement centers outside Russia. In particular, the law obliges foreign payment systems starting July 1 to make quarterly contributions to a special account in the Bank of Russia in the amount of 25% of the average daily turnover. In addition, penalties are introduced for operators of payment systems for unilateral termination of customer service.

      The system would be organized as a joint stock company with 100 percent of the shares owned by the Central Bank. The regulator will retain full control over the clearinghouse for two years after the launch of the system, at which time the Bank of Russia will have the right to sell shares, but buyers cannot accumulate more than a 10 percent stake.

      According to Central Bank estimates, the creation of infrastructure for the launch of the NCPS may take up to six months, however, the distribution of these cards to the public could take up to two years.

      The desicion to create a national card payment system came to Russian politicians after several Russian banks had lost ability to operate with Visa and MasterCard credit cards because of recent Ukraine-related sanctions.

Author: Julia Alieva

Tags: National Card Payment System Russian banks sanctions credit cards  

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