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Coming Soon, Russia’s Alternative To Visa?

In light of recent Ukrainian developments, Sberbank this week suggested its Pro 100 system could serve as a replacement for Visa and MasterCard.

Sanctions against Russia have caused Visa and MasterCard to stop servicing two of Russia’s largest banks and revived talks of a national banking system. Sberbank isn’t among the banks targeted by U.S. or European Union sanctions.

Last week, Russian stocks take a nose dive as MasterCard and Visa stopped providing services to the banks, including one that served as a “personal bank for senior officials of the Russian Federation."

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