Amid US sanctions Russia is trying to develop its own credit card payment system

Russian Federation is intensifying development of the payment systems that would be independent from U.S. financial system as well as from using U.S. dollar as a base currency.

Foreign Minister Sergei Ryabkov stated that an independent financial system “is becoming a vital need,” because otherwise Russia “will always be on the hook” of the United States of America.

Russia has developed its own payment card called Mir (‘Peace’ or ‘World’ in translation from Russian), which is supposed to replace Visa and Master Card payment systems. As a result of sanctions, US-based Visa and Master Card payment systems were cancelled for clients of one Russian bank so far.

Time will tell if Mir cards will prove to be as convenient as Visas and Master Cards to Russian elite. For now (according to Reuters), over 380 banks in Russia accept them; furthermore, these cards can be used in Crimea.

  Russia, sanctions on Russia, Visa, Mastercard