Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Visa and MasterCard Plan to Stay in Russia, Seek for Compromise
31.05.2014 23:15
Visa and MasterCard Plan to Stay in Russia, Seek for Compromise

MasterCard stays in Russia 'in any case', while Visa hopes for a productive comprise with Russian authorities, the representatives of the companies said on Friday.

      "We are staying in Russia in any case," MasterCard Russia Director General Ilya Ryabiy said.CEO for Visa Russia Andrew Torre has also confirmed that the company is willing to keep working in Russia, noting that the meeting with the officials was very productive and that they hope a compromise will be found.

      Visa and MasterCard said earlier this week they were evaluating the possibility of continued operations in Russia after recent amendments to a law on a national payment system significantly toughened regulations on their activity in the country.

      Previously, Russian President signed a law to create a national payment system. The law also introduces new regulations for foreign payment systems. Starting from July 1, they will have to make quarterly contributions to a special account in the Central Bank in the amount of 25 percent of the average daily turnover.

      This decision was made after Visa and MasterCard denied service to several Russian banks in late March as a result of US sanctions amid the escalating conflict in Ukraine, raising concerns about the security of the country’s financial system.

      Russian lawmakers may soften new requirements for Visa and MasterCard, reducing the size of the required security deposits, Russian lawmaker Anatoly Aksakov told the Russian press on Wednesday.

Author: Julia Alieva

Tags: Visa MasterCard sanctions Russian business  

Next Previous

You might also find interesting:

Bank of Russia Reduced the Share of Dollar Turnover in International Reserves
"Pobeda" has Become the Fourth Largest Russian Company
Non-cash Tips in Moscow
The Number of Companies Set Up in Russia in 2018 Fell by Almost 20%
Russian Bloggers Account for 10 to 15 Billion Roubles of All Advertising Budgets of the Country Per Year

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Russian Composers  Moscow nightlife  St. Petersburg  Open-Air Concerts  Malyuta Skuratov  Russian trade  Festivals in Moscow  Roskomnadzor  Innovations  Aquabus  Kirghizia  Akra  Contemporary Arts  Exhibitions in Moscow  Russian art  Mercedes-Benz Fashion Week Russia  Mercedes-Benz Fashion Day  Festival of Festivals  Russian Nature  Russian business  Yaroslavl   Russian Cinema  Moscow  Zvenigorod Private Tour  All Events  Valley of Geysers  Science Festivals  Russian Anthem  Moscow Museums  Zombie  Russian academy of sciences  Maria Galina  Russian tourism  St. Petersburg Museums  human rights  Kizhi  Moscow hotels  Pharmacy  car production in Russia  tourism  Russian regions  Heroism   Sheremetyevo Airport  Fairs in Moscow  Crimean referendum  travel to Russia  Pussy Riot  former USSR,  Rachel Lee Hovnanian  Alexey Bolotov 

Travel Blogs
Top Traveling Sites