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Putin Announces Plans to Create National Payment System

Published: March 28, 2014 (Issue # 1803)



  • Russian Finance Minister Anton Siluanov said in a similar statement a domestic credit card system is under consideration.
    Photo: premier.gov.ru

Russia will create a national payment system similar to either in Japan or China, President Vladimir Putin announced on Thursday as Moscow struggles to cut its dependence on US-based payment networks.

"These systems work in countries like Japan and China, and they work very well. At first they worked like national, circulating in their own markets on their own territory, for their citizens, and now they are becoming very popular," Putin said during a meeting with members of the upper house of parliament.

He said the Japanese system, which began as a national one, now operates in 200 countries.

"Why don't we do that? We have to do this and we will do this," the president said adding that Russia's central bank is working closely with the government on creating such a system, but this could take some time.

The Russian leader said Thursday Moscow regrets the decision of a number of payment systems to limit their activity in the country adding that as a result they will lose a very profitable market.

Earlier in the day, the head of Russia's central bank, Elvira Nabiullina, also called for the development of a domestic card system to reduce dependence on Visa and Mastercard after US sanctions led to disruptions in their services, but said Moscow has no plans to abandon the US-based payment networks.

Russian Finance Minister Anton Siluanov said in a similar statement Wednesday Russia is not planning to stop using payment services provided by US-based Visa International and MasterCard even though a domestic credit card system is under consideration.

Visa and MasterCard have stopped processing retail and online payments by cardholders at several Russian banks hit by punitive sanctions levied by Washington last week in response to the reunification of Crimea with Russia.

The news signaled the first impact on ordinary Russian citizens by a series of Western sanctions.

President Putin mocked the move, saying he would open an account and have his salary deposited at the US-sanctioned Bank Rossiya.





 


ALL ABOUT TOWN

Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at today’s Grand Prix Fitness House PRO, the nation’s premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the city’s elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolan’s latest film “Mommy” at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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