A PYMNTS Company

Russia: Antitrust regulator may launch cases against Visa, MasterCard

 |  November 23, 2016

Russia may launch cases against Visa and MasterCard for discriminating small business against large businesses by the size of commission for servicing following a planned complaint by small and medium-sized business lobby group Opora Rossii, Federal Antimonopoly Service Director Igor Artemyev told PRIME on Wednesday.

Opora Rossii President Alexander Kalinin told Artemyev that Visa and MasterCard charge a 1.5% commission for servicing large businesses and a 2.5% commission for servicing small business, which is discrimination.

“This is a claim to the service. With pleasure. It will be one of the most favorite cases,” Artemyev said to PRIME.

Artemyev also said that the watchdog may check financial service company Western Union after it had increased fees for money transfers.

“We have received complaints about recently. I don’t know whether there was discrimination. But the issue there is that the commission has grown significantly. Despite the fact that this concerns only foreigners that work here and transfer money to their homeland, we still have to protect them. They are increasing rates for all of them. I would like to request work on that,” he said.

Full Content: Prime Business New Agency

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.