VISA and Mastercard are losing Russia

In addition to the establishment of the operating company, the law introduces new rules for foreign operators already working in Russia, such as Visa and MasterCard. The key to the new rules for execution of the international payment systems will become a security deposit, the amount of which shall be equal to the amount of money transfers carried out in Russia for two days. If payment is not made, the Central Bank will fine the payment system in the amount of such payment. If the operator unilaterally terminate the provision of services, the regulator will charge a penalty of up to 10% of the fee for each day of downtime.
Visa has stated that, perhaps, it would have to curtail operations in Russia as a security deposit for it is too large. The fact that there may be problems in the work, report and MasterCard.


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