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:

Research: the Share of Creative Industries in Russia's GDP is Higher than the World Average
16.09.2020
The Central Bank will Restrict the Sale of Complex Investment Products to Inexperienced Investors
12.01.2021
Net Outflow from Investing Funds in Russia Amounted to $ 20 Million per Week
17.07.2020
All Fitness Centers and Pools are Closed in Moscow
23.03.2020
Sberbank Took the Sixth Place among the Largest World Companies in Creating Value for Shareholders
26.05.2020



comments powered by Disqus




Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share


TAGS:
St. Petersburg  Crystals  LGBT in Russia  Russian tourism  Moscow actions  Znamenskoye-Rayok  Football Stadium Kazan Arena  Mercedes-Benz Fashion Week Russia  Russian banks  Theater Festivals  Russian rouble  Odessa  Pussy Riot case  hooliganism  State Duma  bribery in Russia  Russian actors  active holidays in Russia  Russian business  Russian Cinema  Night Moscow  Sochi 2014  Festivals in Moscow  Robots  Parking  Russian Museum  Shadrinsk  Inca  Russian banking system  Primorye  Central Bank  Tver  Kirill Esin  Moscow  travel to Russia  Vladimir  accomodation in Russia  Veliky Novgorod  North Caucasus  Chelyabinsk meteorite  Museums of Saint Petersburg  Vyksa  White Trail  Yekaterina Trubetskaya  Russian North  Russian Photographers  Presidential Research Projects Program  Kaliningrad  Exhibitions in Moscow  Russian regions 


Travel Blogs
Top Traveling Sites