MasterCard Stays in Russia ‘In Any Case’, Visa Hopes for Compromise With Moscow

ST. PETERSBURG, May 23 (RIA Novosti) – MasterCard stays in Russia ‘in any case’, while Visa hopes for a productive comprise with Russian authorities, the representatives of the companies said on Friday.

“We are staying in Russia in any case,” MasterCard Russia Director General Ilya Ryabiy said.

CEO for Visa Russia Andrew Torre has also confirmed that the company is willing to keep working in Russia, noting that the meeting with the officials was very productive and that they hope a compromise will be found.

The Visa and MasterCard representatives met with First Deputy Prime Minister Igor Shuvalov and Finance Minister Anton Siluanov at the St. Petersburg International Economic Forum (SPIEF).

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.

Previously, Russian President Vladimir Putin signed a law to create a national payment system.

Starting July 1, Foreign payment systems to make quarterly contributions to a special account in the Central Bank in the amount of 25 percent of the average daily turnover.

This decision was made 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 lawmakers may soften new requirements for Visa and MasterCard, reducing the size of the required security deposits, Russian lawmaker Anatoly Aksakov told RIA Novosti Wednesday.

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