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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, July 23


SPIBA’s Legislation & Lobbying Committee invites everyone interested in the practical aspects of courts and procedural law to today’s Legal Debating Club at 9:30 a.m. at the Mertens House, 21 Nevsky Prospekt, office 506. Visit spiba.ru for more details.


Take advantage of the sunny summer days and participate in Beach Games 2014, which runs through July 27 in Sestroretsk’s Dubki Park.



Thursday, July 24


Liliana Modiliani, a well-known Russian stylist, will talk about choosing clothes that fit during her lecture at 7 p.m. at the Pryamoy Efir art club, 13 Viborgskoe Shosse.



Friday, July 25


Discuss Russia’s economic and political prospects for 2014 during a Business Breakfast organized by SPIBA at 9.30 a.m. in the Bank Saint-Petersburg office at 64


Malookhtinsky Prospekt.


Start your weekend with adorable miniature pigs at the Squealing Pig festival at 7 p.m. this evening in the Karl & Friedrich restaurant, 15 Iozhnaya doroga, on Krestovsky Island.



Saturday, July 26


Hundreds of brand-new and retro cars, drag and drift shows, test drives and karting are planned for the Avtobum-2014 festival, which will take place in front of the RIO shopping center at 2 Fuchika Ulitsa.


Participants in today’s SaniDay Summer competition will impress visitors with their hand-made, unusual and hilarious boats, which will race at the Igora Resort near the 54th kilometer on Priozerskoe Shosse.


Metro Family Day will include both serious lectures for adults and master-classes for children, making the event interesting for the whole family. To participate, come to Kirov Park on Yelagin Island.


Photography will be the focus of today’s Photosubbota, which features lectures by famous photographers, meetings with photo schools and studio representatives, and participation in a photography competition. The event starts at noon at Petrokongress, 5 Lodeynopolskaya Ulitsa.


If you like cycling, make sure to visit the Za Velogorod Festival with its retro bike exhibition, market and live music. The second round of the Leningrad Criterium race will also take place during the event at Petrovsky Arsenal in Sestroretsk.



Sunday, July 27


Navy Day will be celebrated with a weapon and military transportation exhibition, self-defense master classes and concerts. The event starts at 1 p.m. in the 300th Anniversary Park of St. Petersburg.



Monday, July 28


Don’t miss a chance to see the latest achievements in robotics during the RoboDom interactive show, exhibiting more than 150 robots. The show will be at BUM center, 22/2 Gzhatskaya Ulitsa, until Aug. 3. The entrance ticket costs 350 rubles ($10).



Tuesday, July 29


A video of a Queen concert from 1986 will be shown today at 8 p.m. in Yaschik, 50/13 Ligovsky Prospekt.



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