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Visa and MasterCard bank cards may disappear in Russia

The State Duma will consider amendments to the law “On the national payment system.” If they are accepted, the fate of Visa and MasterCard in Russia will be in question.

The new regulations were created to prohibit foreign payment systems from suspending payments on cards of banks that fell under sanctions.

This concerns not only Visa and MasterCard, but also China Union Pay, JCB and other international companies.

Payment systems will have 180 days to adapt to the new law. If in six months they suspend the calculations of a bank due to sanctions, then the Central Bank considers it a violation.

After that, the payment system will receive an order to correct violations. If it is not executed, the foreign payment system will be excluded from the register of operators of payment systems of the Central Bank. In fact, she will not be allowed to work in Russia .

Anonymous experts of Kommersant are confident that the Russian subsidiaries of payment systems will not obey the new rules, but simply leave the domestic market . They will not be able to violate the orders of the parent company.

The second reading of the bill in the State Duma should be held on July 23.

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