Japanese payment system (JCB) has started certain moves to enter the Russian market and in the near future may submit the necessary paperwork to the Russian Central Bank, Russian newspaper Kommersant reported Monday.

      “We have already become a JCB member, and have had experience with it as an Aeroflot acquirer. Furthermore, according to existing agreements, we plan to carry out functions of a settlement bank for this system in Russia,” said Vilen Timiryazev, head of Alfa Bank, which has been rumored to be JCB’s point of entry into the Russian market.

      “If everything goes as planned, the primary potential target audience for JCB cards will be those clients, who often fly to China, Japan, and South Korea, where Visa and MasterCard are not well represented,” Timiryazev added.

      JCB is the largest payment system in Japan and one of the leading payment systems in the world, founded in 1961. Last year, sources in the Central Bank reported that the system is in talks with the Russian sovereign regulator to start its activities in Russia. Currently JCB cards are issued in 15 countries and accepted in 190 countries.

      The introduction of a new card payment system for Russian card holders suprisingly coincides with a new Russian law, enacted after Visa and MasterCard driven by

      US sanctions stopped card operations of several Russian banks. The law requires foreign payment systems starting 1 July to make quarterly contributions to a special account in the central bank totaling 25% of the average daily turnover.