Visa said about the impossibility of working in Russia because of the crushing of the insurance premium

The company Visa problems may arise with operating in Russia, if adopted by the State Duma law on the national payment system (NPS) will enter into force in its current form. The main problem - the size of a security fee that the company will keep the account in the Central Bank, as calculated by Visa, it will exceed the annual income of the company in Russia several times.

In addition, the payment system will be obliged to place the servers for the transaction in Russia, and the unilateral refusal to make payments completely excluded.

"These provisions may materially affect our ability to continue to provide services in the Russian market and invest in the development of electronic payments economy, we performed the last 25 years" - said in a statement.

On Friday, April 25 Duma adopted amendments to the Law "On the National Payment System", which will take effect July 1, 2014. The key to the execution of the new rules for international payment systems will be a security deposit, the amount of which shall be equal to the sum of the transfers of funds carried out on the territory of the Russian Federation for two days. If payment is not made, the Central Bank will fine payment system in the amount of such payment. If the operator to unilaterally terminate the provision of services, the regulator will charge a penalty of up to 10% of the fee for each day of downtime.

Previously Director Visa Financial Officer Byron Pollitt said that because of US sanctions revenue growth in the I quarter of 2014 has slowed, and the company became a "hostage to politics." Stocks fell after the operator of 5%.

In March 2014, after the announcement of US sanctions against a number of Russian businessmen and companies, Visa and MasterCard Card transactions froze bank "Russia", "Sobinbank", "SMP Bank", "InvestCapitalBank." After that Vladimir Putin has promised to create a national payment system, an alternative to international operators, and in April of the relevant law was passed by the Parliament.

Several officials, including President Andrei Kostin, stated that one of the ways to create NPC is the creation of a joint venture with a Chinese operator UnionPay.

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