Russian parliament approves introduction of own Russian electronic payment system

The Russian State Duma approved in first reading the introduction of a Russian alternative to the payment systems “MasterCard” and “Visa” . The direct occasion for this step is a boycott action that the US-American systems have implemented against some Russian banks in connection with sanctions after the Crimean crisis.

The proposed changes will free Russia from its dependence on foreign electronic payment systems and make the country less vulnerable to sanctions for political reasons, the news service Kaliningrad Domizil writes. The planned system will initially be used only within the Russian Federation, an international implementation of the Russian payment cards is not yet a priority.

It is planned to establish several regional clearing centers in Russia to organize and process payment transactions. This will guarantee that no one can achieve a total economic control over monetary transactions in Russia.

The introduction of a national payment system was already discussed three years ago but without following concrete steps. Because of the political situation the work started now with a high time pressure. It is estimated that the implementation will take up to six months and will require significant financial investments.

Source: Kaliningrad