Visa And MasterCard No Longer Have Right To Block Russian Cards – 1 July 2014

RT logoA new Russian law starting July 1 means Visa and MasterCard can no longer block Russian clients. It is part of legislation for a national payment system, and ensures electronic payments and protects Russians from being blocked after an incident in April.

The new national payment system should be up and running in 18 months.

When diplomatic relations were at a low between the US and Russia over Crimea, both credit card companies cut off Russian clients associated with banks sanctioned by the US.

The aftermath of the incident inspired the Kremlin to tighten legislation on foreign credit system operators, which will now have to pay a security fee in order to continue operating in Russia.

Read the full story at: www.rt.com /link to original article

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