Despite pending legislation, Visa plans to guarantee the uninterrupted operation of its payment system in Russia

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MOSCOW – The international payment system Visa plans to ensure the uninterrupted operation of cashless payments in Russia, the press service of the company said.

“Russia is a strategically important market for Visa, the Visa company is committed to its mission to ensure the seamless operation of cashless payments for all participants in the payment ecosystem: banks, commercial and service companies, and consumers,” indicated the press office.

Visa “does not comment on the opinions of third parties about possible future events, based on conjecture and that express their personal positions.”

For his part, the Russian Deputy Minister of Finance, Alexei Moiseev, said that Russia doubts that amendments to the law on the national payment system will lead to the exit of Visa and MasterCard companies from the country.

“The adoption of the amendments to the law on the national payment system will not lead to foreign payment systems leaving Russia, we consider that there is no premise for it,” Moiseev told reporters.

The deputy minister emphasized that “the amendments do not impose additional limitations and are aimed at maintaining the continuity of payments, in which all market participants, especially consumers of these services, are interested.”

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Moiseev specified that the purpose of the amendments is to make the rules of the operators of all payment systems working in Russia conform to Russian law.

“The Russian subsidiary companies of the international payment systems already carry out their activities within the framework of the Russian jurisdiction,” he summarized.

The Central Bank of Russia, at the same time, is convinced that all payment systems will continue to work as usual in Russia, so it sees no reason for concern.

The Russian newspaper Kommersant published this July 12 that Visa and MasterCard systems can finish their work in Russia due to amendments to the law on the national payment system.

The amendments, which will be examined by the State Duma (the Lower House of the Russian Parliament) on July 23, will prohibit Russian subsidiaries of international payment systems from suspending transactions made with the cards of banks subject to sanctions. .

Any suspended transaction will be considered a violation of the law and may lead to the exclusion of the company from the registration of the Central Bank of Russia.

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