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
http://creditbanking.ru/news/events/

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:








Comment on our site


RSS   twitter      submit



TAGS:
Russian tourism  Russian scientists  incident  Central Bank  Dmitry Krymov  St. Petersburg  Sergei Mikhalkov  Stanislav Govorukhin  Kalashnikov  Russian society  Concerts in Moscow  Chukotka  International Muslim Film Festival  Russian painting  Arts and Crafts  Russian sport transfers  alcohol  Mikhail Yefremov  Olympics 2012  Mozdok  Rostov  Russian science  cycling routes  transport in Moscow  Valentin Berlinsky  economic crisis  Tolstoy Weekend Festival  Mercedes-Benz Fashion Week Russia  Moscow  Karachay-Cherkessia  Yaroslavl   Russian Astronauts  Russian business  Alexey Kudrin  space  Parliament in Action  Russian economy  Jazz  Russian hospitals  Applied and Folk Arts  NHL  Gazprom  Albina Matveyeva  Hermitage Museum  National Unity Day  Norilsk Nickel  Moscow events  health  Exhibitions in Moscow  Russian Cinema 


Travel Blogs
Top Traveling Sites