Putin Signs Law on National Card Payment System
Russian President Vladimir Putin has signed into law a bill to create a national card payment system, the Kremlin press service said Monday. The Russian parliament approved the bill last month. Plans to establish a national card payment processing system emerged in response to Ukraine-related sanctions that saw several Russian banks denied service by global powerhouses Visa and MasterCard, troubling the general public and raising concern over the security of the country’s financial system. As a reaction to Crimea reunifying with Russia in mid-March, the US introduced targeted sanctions against Russian officials and Rossiya Bank, considered by the US Treasury to be a private bank for many Russian government officials. More