Photograph by Håkan Dahlström Photography/Flickr
Russian President Vladimir Putin has vowed to build a Russian rival to financial transaction companies Visa and Mastercard as the US-led sanctions on Russian financial institutions begin to bite according to Bloomberg
Visa and Mastercard stopped processing card transactions for Rossiya Bank and SMP Bank after the US imposed sanctions against the companies to pressure Putin over his actions in Crimea in recent weeks.
The sanctions prohibit US companies and individuals from doing business with firms on the block-list, with those targeted because of their close relationships with the Russian premier. As US companies, Visa and Mastercard are required to follow the rules laid down by Washington or face serious fines.
3 Comments
Like every body would want a Russian credit card? Their ‘avin a larf
The idea isn’t for USA’ians to want a Russian credit card, although if the Russian Federation and EU/USA/UK ever made up and got along then they would be some serious competition on the market. This is to insulate R.F. from sanctions.
At the moment their economy is dependent on external forces, making them vulnerable. But they don’t absolutely have to work with anyone else, they can close borders and produce everything internally. It’s possible, it’s not a great idea, but it’s possible.
And given the reporting done by such corporations as RussiaToday, it’s highly likely that Russians will see getting a R.F. credit card as their patriotic duty to fight the dreaded German and American Empires.
Good luck with that.