The battle between Russia and the credit card companies continues.
Russia has been working to make new rules that require payment-system operators to make a deposit that would be at risk if services are interrupted. According to Visa, Russia has not been trying hard enough.
“As we have stated consistently since the national payment system amendments became law, the guarantee deposit is unworkable and goes beyond what we are willing to do,” Visa said in a company statement, according to Bloomberg. “Visa is actively engaged with the Russian government to find a mutually satisfactory modification to the national payment system law.”
As PYMNTS.com has previously discussed, Russia first introduced a deposit measure when Visa – along with MasterCard – stopped servicing cards issued by some banks targeted in U.S. economic sanctions earlier this year. Russia’s president Vladimir Putin announced earlier this month that October 31 was the deadline that foreign service providers had to make a necessary security deposit in order to keep operating in that nation.
Visa told the news source that while the step was in the right direction, more needs to be done.
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