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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

Wednesday, Sept. 17


AmCham’s Investment and Legal Committee Meeting convenes this morning in their office in the New St. Isaac Office Center at 9 a.m.


Learn more about the science of teaching English at today’s EFL Seminar hosted by the British Book Center. Revolving around the topic of learning styles, the workshop will help attendees better understand the different effective learning methods that can be implemented to learn English more effectively.



Thursday, Sept. 18


Get your nerd on at Boomfest, St. Petersburg’s answer to the United States’ popular ComicCon. Starting today, this international festival of comics will take over venues throughout the city center and includes exhibitions of comics and illustrations, film screenings, competitions and the chance to meet the genre’s authors, artists and experts.



Friday, Sept. 19


SPIBA’s newest addition to their Cultural Discoveries events is “Handmade in Germany,” an exhibition featuring unique handmade objects of a significantly higher quality than mass-produced items. The work of over 100 German manufacturers will be displayed during the event, which opens today in the Lutheran Church of Saint Peter and Paul on Nevsky Prospekt and runs through Sept. 28.



Saturday, Sept. 20


Starting on Sept. 18 and ending tomorrow is the Extreme Fantasy Wakeboarding Festival in Sunpark by Sredny Suzdalskoye lake in the Ozerki region of the city.


Those after something more laid back can instead head to Jazz and Wine night at TerraVino with legendary jazz guitarist Ildar Kazahanov. 12/14 Admiralteyskaya Emb.



Sunday, Sept. 21


Learn more about African culture and get some exercise during today’s “Djembe and Vuvuzela,” a bike ride starting in Palace Square that includes several stops where riders can listen to the music of Africa or watch short films about the continent. The riders plan to set off at 4 p.m. and all you need to join is a set of wheels.



Monday, Sept. 22


Do you love puppetry? If so, then be sure to go to BTK-Fest, a five-day festival that starts on Sept. 19 celebrating the art. Contemporaries from France, Belgium, the U.K. and other countries will join Russian artists to put on theatrical performances involving a variety of themes, materials and eras. Workshops and meetings are also scheduled for a chance to discuss the artistic medium in further depth.



Tuesday, Sept. 23


Marina Suhih, Director of the External Communications Department at Rostelecom North-West, and Yana Donskaya, HR Director for Northern Capital Gateway are just some of the confirmed participants of today’s round table discussion on “Interaction with Trade Unions” being hosted by SPIBA. Confirm your attendance with SPIBA by Sept. 22.


Kino Expo 2014, an international film industry convention, will be at LenExpo from today until Sept. 26. The third largest exhibition of film equipment in the world, the expo focuses on not only Russia but former Soviet republics as well.



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