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:

The Mosque The Heart of Chechnya May Appear On New Banknotes
New Project For Entrepreneurs Launched By Sberbank
Gazprom Signed a Contract With Chinese State Oil Company CNPC
Rosneft Opened Italian Cafes Of A-Caf At Gas Stations
Non-state Banks Purchased Domestic Sovereign Eurobonds

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian Parliament in Action

search on the map
games  Viktor Pelevin  Russian government  Painting  Moscow Region  Kaliningrad Region  Giles Deacon  Archeology  Confucius Institute  Russian tourism  Penza Museums   Stalin  Russian Cinema  GDP forecast  Exhibitions in Moscow  International Music Day  robotics  Zinaida Serebriakova  Chechnya  Fashion Futurum  Stanislavsky Electrotheatre  Awards  Russian designers  ROSCOSMOS  Russian Literature  Evgeny Kuznetsov  Christmas  atmospheric science  Spiders  Russian history  Satellites  oil to China  Russia 360  Graffiti  Alexander Sokurov  Tula  Russian business  migration in Russia  Moscow  Concerts in St. Petersburg  Precious Metals  Mercedes-Benz Fashion Week Russia  Stage Directors  Joseph Brodsky  Sheremetyevo  Russian politics  Corruption Perceptions Index  Monuments  Russian mobile networks  Russian Museums  

Travel Blogs
Top Traveling Sites