Payment system eyed
Print Edition
PRESIDENT Vladimir Putin said yesterday that Russia would develop its own credit card system to reduce reliance on Western-based companies and soften the potential blow from United States and European Union sanctions.
Putin voiced his support for plans described by senior officials to create a domestic-based system in response to curbs placed on Russian banks last week by Visa and MasterCard, widely used in Russia.
“We certainly must do this, and we will do it,” Putin told Russian lawmakers during a meeting that mainly focused on efforts to integrate Ukraine’s Crimea after he signed legislation to make it part of Russia last week.
Visa and MasterCard last week stopped providing services for payment transactions for clients at Bank Rossiya, under US sanctions. The two payment systems also suspended services for clients at several other banks whose shareholders are on the US sanctions list.
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