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:

Sberbank Announced International Competition
Aeroflot Received an Award For Innovative Projects
100 More KFC Restaurants Will Appear In Russia
The Central Bank Of Russia Will Not Be Able To Achieve Its Goal
Rosselkhoznadzor Imposed Temporary Restrictions On Export Of Live Poultry From Ontario

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian Parliament in Action

search on the map
Russian tourism abroad  train  Moscow International Jazz Festival  Domodedovo  espionage  Sovetsky Sport  Russian tourism  State Award of the Russian Federation  Moscow  Russian pop-music  freedom of press in Russia  Russian business  Life Saving  aircraft  Mikhail Prokhorov  radiation  Sergey Rachmaninov  Exhibitions in Moscow  Association of the European Business  mixed rally  traffic in Moscow  Norway shootings   Russian military  Mercedes-Benz Fashion Week   Valentin Yudashkin  Moscow Kremlin   Sochi Olympic Games 2014  Russian gas  Russian human rights activists  Russian exhibitions  Sculpture  Painting  Russian alcohol market  Nature Reserves in Russia  Archaeology  Archeology  Russian Cinema  Parliament in Action  Russian football  Mercedes-Benz Fashion Week Russia  Russian Orthodox Church  Jose Mourinho  Republic of Buryatia  parks of Moscow  Penza  Russian Literature  Eurovision  Russian army  Russian history  Andrey Zvyagintsev 

Travel Blogs
Top Traveling Sites