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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  

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