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“We will not take any measures that Visa and MasterCard should quit our market. We are interested in them to continue operating in Russia,” Moiseyev said. The deputy finance minister also noted that amendments which lawmakers of Russia’s State Duma parliament lower house had introduced the other day in the law on a national card payment system permitting to toughen requirements to international payment systems were not discussed with the Finance Ministry.
The essence of the problem is that starting from July 1 foreign payment systems clearing and processing of which are located outside Russia should transfer quarterly a fourth of their average daily turnover to a special account of the Central Bank of Russia. The novelty changing Visa’s and MasterCard’s working procedure in Russia was introduced after amendments were made in the Russian national payment system law. So, requirements to activity of payment systems in Russia are considerably tightened now. The bill which the State Duma committee on financial markets had prepared became a response to Visa’s and MasterCard’s steps blocking cards of Russian major banks in late March.
Visa and MasterCard do not want to pay.
The Finance Ministry will discuss with Visa and MasterCard to change terms of operation in Russia for the first time on Thursday, Aleksey Moiseyev told reporters on the sidelines of the St. Petersburg International Economic Forum.
“We want to talk to them and realise what they meant and which questions they have before we will make some concrete changes,” Moiseyev noted, adding that meetings with Visa and MasterCard were already planned on Thursday.
The deputy finance minister noted that this would be a first meeting after Visa’s statement that the company might leave the Russian market.
On Friday, Finance Minister Anton Siluanov will have talks with the leadership of Visa and MasterCard to debate changes in terms of these payment systems’ operation in Russia.