Russia Plans to Fine International Payment Systems for Freezing Accounts

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In March, Visa and Mastercard payment systems ceased servicing cards issued by the Rossiya bank and two of its subsidiary banks, as well as SMP Bank in Russia.

Faisal Khan‘s insight:

This is an interesting take on things. Politics aside, both VISA/MasterCard should not have been used as economic sanctions tool for 100,000s of Russians who rely on these card scheme for payments. This also goes to show that the card payment rails are nearly (read: entirely) controlled by the US, a fact that disturbs many and is changing in places like India, Poland, Latin America and some part of GCC.

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This page was last updated on July 23, 2015.

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