Visa, MasterCard to stay in Russia


Visa (V) and Mastercard (MA) plan to remain in Russia despite a new law that increases their security deposits to 25% of their average daily turnover.

The deposits will be paid to the Central Bank of Russia every quarter starting on July 1.

The requirement looks like it could be retaliation for the West continuing to cautiously add to its sanctions against Russia.

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Comments (3)
  • caupachow
    , contributor
    Comments (524) | Send Message
     
    this new law will only be around less than a year and all will be forgotten and back to normal.
    23 May 2014, 11:14 AM Reply Like
  • bd4uandu
    , contributor
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    http://bit.ly/1id0jOH
    23 May 2014, 11:25 PM Reply Like
  • ozcutty
    , contributor
    Comments (362) | Send Message
     
    I assume they will setup a local entity that will pay dividends to the US parent, similar to Visa europe. May be the model for setting up in non-us friendly countries in future
    27 May 2014, 07:31 PM Reply Like
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