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

Russian Finance Ministry Plans to Ease Visa and MasterCard Restrictions
29.06.2014 12:33
Russian Finance Ministry Plans to Ease Visa and MasterCard Restrictions

On Wednesday, June 25, Russian Finance Ministry published a draft resolution that softens operating conditions for Visa and MasterCard before they “acquire the status of nationally significant” card payment systems (CPS).

      According to the respective document published on the government's website, the two companies are offered an extension on regulatory compliance, if they stop communicating the information on the transfer of funds in Russia to payment clearing houses overseas.

      If Visa and MasterCard follow through on this condition, they are not required to make controversial security deposits "from July 1 to September 30 and from October 1 to October 31," the document says. In this case, the draft resolution also exempts Visa and MasterCard from the fine for non-payment of the security deposit to the Central Bank of Russia.

      The legislative initiative to create a national card payment system in Russia began in early May in response to Ukraine-related sanctions that saw several Russian banks denied service by global powerhouses Visa and MasterCard.

      The new set of regulations is still being drafted and will require concerted effort from international CPSs to keep their business in Russia.

Author: Julia Alieva

Tags: Visa MasterCard sanctions Russian business  

Next Previous

You might also find interesting:

The First Exposition of the new Mercedes-Benz G-Class in Russia
SPIEF 2018: Finoteka Presentation
FIFA Fans Spent about 100 Billion Roubles in Russia
Sberbank Launches Winning Deposit after Victory of Russia National Football Team
New Details of the Law on Online Cash Registers Appeared

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share


search on the map
Aeroexpress  Anastasia Pavlyuchenkova  Russian Orthodox Church  Russian Cinema  Pskov Region  Monuments in Moscow  The Ivanovo Oblast  Mercedes-Benz Fashion Week Russia  Marianna Verevkina  Russian places of interest  St. Petersburg  Archeology  Arkhangelsk  trains  Historical Yekaterinburg  Russian roads  George Harrison  Russia-India  Tikhvin  G20 Summit  Zenit St. Petersburg  Dmitry Khvorostovsky   Sergey Magnitsky  Confederations Cup  Russian economy  Mikhail Zadornov  Bank  Moscow  Komi Republic  Russian tourism  Zeya  Russian National Parks  Russian history  Russian business  Vladivostok Monuments  Exhibitions in Irkutsk  Gogol   Boris Grebenshchikov  Karelia  Russian events  McDonalds  Russian culture  book hotels in Russia  Veniamin Smekhov  Yakutia  the Bolshoi Theatre  Exhibitions in Moscow  Russian Literature  Russian Railways  Shira Lake 

Travel Blogs
Top Traveling Sites