Russian MP predicts imminent return of Mastercard and Visa

RT.com
17 Feb 2025, 20:09 GMT+10

The payment card companies "lost a major market" when they exited in 2022 due to the Ukraine conflict, Anatoly Aksakov has said

US payment giants Visa and Mastercard may soon resume operations in Russia, according to Anatoly Aksakov, chairman of the Russian State Duma's Financial Markets Committee. His statement comes amid ongoing high-level talks between Moscow and Washington.

The two firms, which had operated in Russia for over 25 years, were among many that withdrew in 2022 under pressure from Western sanctions over the Ukraine conflict.

Speaking to reporters on Monday, Aksakov expressed confidence that the payment firms "will come back soon because they have lost a major market and will want to regain access."

However, he noted that re-entry would be "more difficult" since Russian consumers have already "adapted to alternative payment systems."

According to Aksakov, Russia's National System of Payment Cards (NSPK) "has proven to be both advanced and efficient."

Russia started developing the NSPK when the US and its allies targeted the country with Ukraine-related sanctions in 2014. Mir cards, Russia's alternative to Visa and Mastercard, entered circulation in December 2015.

In 2022, Western sanctions led to the exclusion of many Russian banks from SWIFT, and Visa and Mastercard ceased operations. In response, the Russian government promoted Mir as a stable alternative. Currently, around ten countries accept Mir, while about 15 others have expressed an interest in adopting the Russian payment system.

Despite the growing reliance on domestic systems, Aksakov acknowledged that Visa and Mastercard would still be necessary for transactions with the EU and the US due to their global reach. Sanctions have pressured banks in some countries to halt transactions with Russia's NSPK, limiting the acceptance of Mir cards internationally.

Aksakov's remarks come as delegations from Moscow and Washington are set to meet in Saudi Arabia this week. On Monday, Kremlin spokesman Dmitry Peskov announced that Foreign Minister Sergey Lavrov and Yury Ushakov, President Vladimir Putin's top foreign policy aide, will travel to Riyadh for talks with Trump administration officials. The discussions aim to lay the groundwork for an upcoming meeting between the two nation's leaders.

According to Peskov, the talks will focus on restoring bilateral relations. The development follows a 90-minute phone call between Putin and Trump last week, which revolved around settling the Ukraine conflict.