All news

Russia’s disconnection from Visa, MasterCard unlikely, says MP

Foreign traveling of Russians is minimized on the back of the pandemic and the actuality of international payment systems is not too high, the parliament member says

MOSCOW, April 13. /TASS/. Disconnection of Russia from Visa and MasterCard is unlikely but the country is technically ready to this, Head of the Financial Market Committee of the State Duma [the lower house of the Russian diet - TASS] Anatoly Aksakov told TASS on Tuesday.

"Visa and MasterCard hold 75% of the Russian market. This is the turnover of not merely dozens, but about a hundred of trillions of rubles. These are huge earnings they will lose if they are required to disconnect from the Russian market. Naturally, this means reputational losses. I think huge economic losses are the most important point for them. Therefore, I do not strongly believe the US Department of State will make such decision. Nevertheless, we are theoretically ready," Aksakov said.

Foreign traveling of Russians is minimized on the back of the pandemic and the actuality of international payment systems is not too high, the parliament member says. The Russian card Mir already holds almost 25% of the market with about 100 mln cards issued, he added.