Visa and Mastercard say they will remain in Russia

Monday, 26 May 2014 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: Credit and debit card companies Visa and Mastercard said on Friday they intend to remain in Russia, despite a new laws that could complicate their operations in the country. “In any situation, we will stay in Russia,” Ilya Ryaby, General Director of Mastercard in Russia told journalists on the sidelines of the St. Petersburg International Economic Forum. “Of course, we are willing to work in Russia and after this meeting (with government officials), we hope that a compromise solution will be found,” said Andrew Torre, Director of Visa in Russia. The new law, passed by the Russian parliament in April, would force Visa and Mastercard to pay a security deposit of 25% of their average daily turnover in Russia to the Central Bank once a quarter from 1 July. Visa and Mastercard executives met with members of the Russian Government on Friday.

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