Russian MP Foresees Swift Reinstatement of Mastercard and Visa
Anatoly Aksakov has commented that re-entering the Russian market will face challenges, particularly due to the progression of the domestic payment system. Read Full Article at RT.com
TroibNews 
Anatoly Aksakov, chairman of the Russian State Duma’s Financial Markets Committee, has indicated that US payment giants Visa and Mastercard may soon return to Russia. This announcement comes as high-level discussions are taking place between Moscow and Washington.
Both companies, which had been active in the Russian market for more than 25 years, withdrew in 2022 following sanctions imposed by Western nations in response to the Ukraine conflict.
Addressing reporters on Monday, Aksakov expressed optimism that the payment firms “will come back soon because they have lost a major market and will want to regain access.” However, he cautioned that their re-entry might be “more difficult” since Russian consumers have already “adapted to alternative payment systems.”
Aksakov emphasized that Russia’s National System of Payment Cards “has proven to be both advanced and efficient.” The development of this system began in 2014, following Ukraine-related sanctions from the US and its allies. The Mir card, designed as Russia’s answer to Mastercard and Visa, was introduced in December 2015.
The exit of Visa and Mastercard in 2022, amid Western sanctions that excluded many Russian banks from SWIFT, led the Russian government to promote Mir as a reliable alternative. Currently, around ten countries accept Mir, with about 15 more interested in implementing the Russian payment solution.
Despite increasing reliance on domestic payment systems, Aksakov acknowledged the necessity of Visa and Mastercard for transactions with the EU and the US, given their extensive international capabilities. Sanctions have, however, pressured banks in various countries to stop transactions involving Russia’s NSPK, which limits the global acceptance of Mir cards.
Aksakov's comments coincide with upcoming meetings between delegations from Moscow and Washington in Saudi Arabia this week. Kremlin spokesperson Dmitry Peskov confirmed that Foreign Minister Sergey Lavrov and Yury Ushakov, a senior foreign policy aide to President Vladimir Putin, will visit Riyadh for discussions with officials from the Trump administration. These talks are intended to pave the way for a future meeting between the leaders of the two nations.
According to Peskov, the negotiations will concentrate on restoring bilateral relations, following a recent 90-minute phone call between Putin and Trump that addressed the resolution of the Ukraine conflict.
Ramin Sohrabi contributed to this report for TROIB News
Both companies, which had been active in the Russian market for more than 25 years, withdrew in 2022 following sanctions imposed by Western nations in response to the Ukraine conflict.
Addressing reporters on Monday, Aksakov expressed optimism that the payment firms “will come back soon because they have lost a major market and will want to regain access.” However, he cautioned that their re-entry might be “more difficult” since Russian consumers have already “adapted to alternative payment systems.”
Aksakov emphasized that Russia’s National System of Payment Cards “has proven to be both advanced and efficient.” The development of this system began in 2014, following Ukraine-related sanctions from the US and its allies. The Mir card, designed as Russia’s answer to Mastercard and Visa, was introduced in December 2015.
The exit of Visa and Mastercard in 2022, amid Western sanctions that excluded many Russian banks from SWIFT, led the Russian government to promote Mir as a reliable alternative. Currently, around ten countries accept Mir, with about 15 more interested in implementing the Russian payment solution.
Despite increasing reliance on domestic payment systems, Aksakov acknowledged the necessity of Visa and Mastercard for transactions with the EU and the US, given their extensive international capabilities. Sanctions have, however, pressured banks in various countries to stop transactions involving Russia’s NSPK, which limits the global acceptance of Mir cards.
Aksakov's comments coincide with upcoming meetings between delegations from Moscow and Washington in Saudi Arabia this week. Kremlin spokesperson Dmitry Peskov confirmed that Foreign Minister Sergey Lavrov and Yury Ushakov, a senior foreign policy aide to President Vladimir Putin, will visit Riyadh for discussions with officials from the Trump administration. These talks are intended to pave the way for a future meeting between the leaders of the two nations.
According to Peskov, the negotiations will concentrate on restoring bilateral relations, following a recent 90-minute phone call between Putin and Trump that addressed the resolution of the Ukraine conflict.
Ramin Sohrabi contributed to this report for TROIB News
