https://sputnikglobe.com/20230417/bank-of-russia-working-on-alternative-payment-system-for-russians-1109600751.html
Bank of Russia Working on Alternative Payment System for Russians
Bank of Russia Working on Alternative Payment System for Russians
Sputnik International
The Bank of Russia (the Russian Central Bank) is working together with certain foreign countries on a new payment system for Russians, alternative to Mir cards.
2023-04-17T16:56+0000
2023-04-17T16:56+0000
2023-04-17T16:56+0000
economy
russia
mir
mir payment system
elvira nabiullina
russian central bank
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The 2022 exit of Visa and MasterCard from the Russian market resulted in increased use of the Russian Mir payment system in the country and beyond, especially by Russian tourists. In September 2022, the US Treasury Department threatened foreign banks with secondary sanctions for servicing Mir cards, which resulted in many countries' refusing to accept them. According to the head of the Russian Central Bank, together with the national banks of those countries, the Bank of Russia can create a gateway system providing Russian citizens with the possibility to pay for goods and services abroad. Nabiullina also mentioned that the Bank of Russia is actively engaged in cooperation with Turkiye on that matter.
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mir cards, mir payment system, alternative payment system for russians, russian central bank, bank of russia
mir cards, mir payment system, alternative payment system for russians, russian central bank, bank of russia
Bank of Russia Working on Alternative Payment System for Russians
MOSCOW (Sputnik) - The Bank of Russia (the Russian Central Bank) is working together with certain foreign countries, including Turkyie, on a new payment system for Russians, alternative to Mir cards, its head Elvira Nabiullina said on Monday.
The 2022 exit of Visa and MasterCard from the Russian market resulted in increased use of the Russian Mir payment system in the country and beyond, especially by Russian tourists. In September 2022, the US Treasury Department threatened foreign banks with secondary sanctions for servicing Mir cards, which resulted in many countries' refusing to accept them.
"That is why we are working with each of these countries bilaterally to devise other possibilities, not Mir cards. [It will be] cards of those countries, possibly prepaid cards," Nabiullina said during the review of the Bank of Russia's annual report in the State Duma.
According to the head of the Russian Central Bank, together with the national banks of those countries, the Bank of Russia can create a gateway system providing Russian citizens with the possibility to pay for goods and services abroad.
21 October 2022, 06:21 GMT
Nabiullina also mentioned that the Bank of Russia is actively engaged in cooperation with Turkiye on that matter.
