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:

Vkontakte Launched New Service for Businessmen
31.10.2018
Non-cash Tips in Moscow
08.08.2019
1 - the Most Popular Russian Franchise
23.04.2019
The Most Popular Online Services for Entrepreneurs
25.04.2019
Russia Plans to Launch the Approach of the Regulatory Guillotine
24.02.2019







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
coastal cluster  Russian scientists  Russian tourist destinations  travel to Russia  Rostov-on-Don  Russian business  Lukhovka  religion  Russian models  Michel McFaul  Russian tourism  Buryatia  Exhibitions in Moscow  Moscow  Pavel Nikonov  Exhibitions in Irkutsk  Adygea  Festivals in Moscow  Russian Actresses  Hermitage Museum  Symbols of Russia  Ice Sculpture  Poland  Yury Milner  tolerance in Russia  Kabardino-Balkaria  Russian regions  Gazprom  Mikhail Baryshnikov  Russian Cinema  Hypotheses  Russian ballet  Krasnoyarsk Territory  St. Petersburg  PASE  virtual office St. Petersburg  Russian economy  Russian president  Awards  Art Exhibitions  Russian politics  Mercedes-Benz Fashion Week Russia  Adidas  Woodwork  Khibiny Mountains  Belokurikha  crisis  Konstantin Khabensky  Nikita Mikhalkov  Zaitsev 


Travel Blogs
Top Traveling Sites