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Russians may be left without Visa and MasterCard - EastRussia | Far East

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Russians may be left without Visa and MasterCard

Russians may be left without Visa and MasterCard
Photo: pixabay.com

Experts predict the departure of Visa and MasterCard payment systems from Russia. This can happen after the adoption of amendments to the law "On the national payment system." 23 July new provisions in the second reading will consider the deputies of the State Duma of the Russian Federation.

As the KommersantThe amendments prohibit Russian subsidiaries of the IPU (international payment systems) to suspend settlements on bank cards that have fallen under sanctions. They are aimed at ensuring uninterrupted operations in the payment market and protecting the rights of consumers of payment services.

Payment systems have 180 days to bring their rules into line with new legislation. Otherwise they will be considered illegal. If the settlement operations by the bank are suspended due to sanctions, the IPS will receive a warning, and then it will be excluded from the register of operators of the Central Bank payment systems.

According to experts, the Ministry of Railways operating in Russia will be easier to curtail their activities than follow the new laws. They will not be able to break the rules established by the parent organizations abroad. So the Russians are at risk of being left without cards, which are taken abroad.