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25 Feb, 14:08

Return of Visa, Mastercard depends on removal of US sanctions on NSPK — VTB

Visa and Mastercard won’t be able to work with the National Payment Card System as it is on the US blocking sanctions list, while according to the Russian law, all domestic transactions in Russia should go through the NSPK

MOSCOW, February 25. /TASS/. The removal of US sanctions on Russia’s National Payment Card System (NSPK) may signal the potential return of Visa and Mastercard payment systems to the country, VTB First Deputy Chairman of the Management Board, Chief Financial Officer Dmitry Pianov told reporters.

"The removal of American sanctions on the NSPK may signal a potential return of Visa and Mastercard to Russia. Otherwise, those companies will not be able to carry out Russian transactions. There have been no such signals or signs so far," he said.

Visa and Mastercard won’t be able to work with the National Payment Card System as it is on the US blocking sanctions list, while according to the Russian law, all domestic transactions in Russia should go through the NSPK. "I don’t think that the Russian Federation will remove this condition within the framework of its own interests," Pianov noted.

The arrival of Visa and Mastercard is of limited importance, the top manager said, adding that approval might only be related to concessions in some other areas.

Chairman of the State Duma Committee on Financial Market Anatoly Aksakov said earlier that Visa and Mastercard might return to Russia and offer their services soon.