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After Russian Sanctions, Putin Considering National Payments System

Putin is considering to launch a national payments system in Russia.

After President Barack Obama called Europe to impose more sanctions on Russia; Vladamir Putin is considering to launch a self-contained Russian payments system, according to the Financial Times.

This plan may worry westerners holding Russian assets because the Micex share index is already priced less than 5 times its forward earnings.  If Russia decides to embrace isolationism, this will only become cheaper.

Currently there is only one Russian bank that has been sanctioned.  However, Visa and MasterCard have already frozen card services.

 

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