Visa vows not to refuse to process payments in Russia in compliance with US sanctions

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International payment organization Visa said it is ready to comply with Russian law on the national card system to continue smooth operations in the country. The company pledged to process all transactions despite US sanctions.

The firm’s press service told TASS Russia is a strategically important market for Visa. It has dismissed concerns that new provisions of the law “on the national payment system” could lead to withdrawal from the country.

“Visa is committed to its mission of ensuring smooth operation of non-cash payments for all participants of the payment system — banks, merchants (retail businesses) and consumers,” the press service said, adding that it does not comment on the opinions of third parties “based on assumptions and personal view of the author.”

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The draft law in Russia prohibits international payment systems from refusing to process transactions in compliance with US sanctions.

The Bank of Russia expressed confidence that international payment systems will continue operations in Russia.

“Amendments are aimed at ensuring conformity of the activity of all payment system operators with the Russian law. We are confident all the payment systems will work just as before. We do not see reasons for concern,” the bank’s press service told TASS.

The regulator explained that domestic card transactions, including cards of international payment systems, will be processed by the National Payment Card System inside Russia. International payment systems will process transactions outside Russia.

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According to the Head of the State Duma Financial Market Committee Anatoly Aksakov, international payment systems will simply bring their rules in line with the regulations established by Russian legislation and will continue to work. In cases of violation they will face fines like any other Russian organization, Aksakov said.

Kommersant daily reported on Friday that the new provisions of the law could lead to the withdrawal of the world’s largest credit and debit card companies, Visa and Mastercard.

For more stories on economy & finance visit RT’s business section

https://www.rt.com/business/464023-visa-russia-operations-law/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

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