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Visa and MasterCard are here to stay

0 26 May 2014

The Russian government has reached a preliminary agreement with Visa and MasterCard which would allow the companies to continue operations in the country.  

Interfax reported that an agreement was reached at a meeting attended by Vice-President Igor Shuvalov and Finance Minister Anton Siluanov, along with Visa’s General Director for CEE and Africa Kamran Siddiqi and MasterCard’s European development chief Bella Stavchanksi. 

Ilya Ryabi, MasterCard’s general director in Russia, confirmed that the government had taken on board the payment companies’ suggestions, but added that a final agreement could only be reached with the President. Ryabi added that his colleagues had been given the chance to share how the company could work with the Russian government to build the proposed national payment system, and promised that MasterCard will continue to operate in Russia.

Visa’s Russia boss Andrew Torre was also positive about the meeting, describing it as “productive”.

Uncertainty over the companies' futures in Russia was triggered by the government's decision to introduce a national payment system through which all domestic transactions will ultimately have to be processed. Certain stipulations introduced in the legislation went beyond what MasterCard and Visa considered reasonable, leading to suggestions that they could pull out of Russia. 

Top image via Shutterstock

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