ST. PETERSBURG, May 22 (RIA Novosti) – The consequences of a possible exit from the Russian market by international payment operators Visa and MasterCard will not be critical, a source close to the Central Bank of Russia said Thursday.
“We will see no critical consequences in terms of collapse,” the source said. “Cards will continue operating in Russia and abroad. Inter-bank transactions won’t work where there are no inter-host agreements,” the source told journalists.
Visa and MasterCard said earlier this week they were evaluating the possibility of continued operations in Russia after recent amendments to a law on a national payment system significantly toughened regulations on their activity in the country. Visa has said it was ready to leave Russia.
The law to create a national card payment system, signed by Russian President Vladimir Putin earlier this month, tightens requirements for payment system operators with clearing and settlement centers outside Russia.
Specifically, it obliges foreign payment systems starting July 1 to make quarterly contributions to a special account in the Central Bank in the amount of 25 percent of the average daily turnover. In addition, penalties are introduced for operators of payment systems for unilateral termination of customer service.
The amendments came after Visa and MasterCard denied service to several Russian banks in late March as a result of US sanctions amid the escalating conflict in Ukraine, raising concerns about the security of the country’s financial system.
Russian lawmaker Anatoly Aksakov told RIA Novosti on Wednesday that Russian lawmakers may soften new requirements for Visa and MasterCard, reducing the size of required security deposits in the Central Bank.
No comments :
Post a Comment