In Russia has started preparations to be disconnected from Visa and Mastercard

В России начата подготовка к отключению от Visa и Mastercard

The Central Bank of the Russian Federation sent a letter to small banks with a request to find a backup partner who would be able to serve data on their Bank cards. Such decision is accepted in connection with the possible introduction of new sanctions of the United States.

A letter of recommendation sent to the small banks that work with international payment systems Visa and Mastercard not directly, but through a larger partner banks, the newspaper “Vedomosti”.

The Central Bank encourages small banks to enter into a backup agreement with another Bank, which if anything would be able to provide continuity of Bank cards. Major players as banks, mobile operators and payment systems are the rnko “Payment center”, “URALSIB”, “VTB”, “ROSBANK” and “Promsvyazbank”.

The Bank noted that the letter sent out to mitigate risks in payment systems, noting that it is international practice. However, market participants do not really understand the concerns of the regulator. The publication notes that the change of partner Bank is a long and painful process that takes about 3-6 months, and is accompanied by failures in work of Bank cards. The change processing of the counterparty for the Bank will cost about $100 thousand.

The sources claim that the Central Bank thus is insured not only against a possible fall of the major banks, which often break the small partners, but also from possible new US sanctions. According to the newspaper, at work banking cards in Russia and potential sanctions not affected – they pass through the Russian National system of payment cards abroad to work card will not.

We will remind, the special envoy of the US state Department on Ukraine Kurt Volker has not ruled out a shutdown of Russian banks from the international banking network SWIFT, which is governed by the laws of Belgium and accelerates international transactions by sending payment instructions to financial institutions in different countries. The reason was the recent seizure by the Russian military Ukrainian ships and sailors in the area of the Kerch Strait.

Earlier, the national Bank of Ukraine took the Russian branch of JSC “VTB Bank” insolvent, because its leadership has not responded to the recommendations of the controller to stabilize the liquidity.

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