ST PETERSBURG, Russia May 23 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
The new law, passed by the Russian parliament in April,
would force Visa and Mastercard to pay a security deposit of 25
percent of their average daily turnover in Russia to the central
bank once a quarter from July 1.
Visa and Mastercard executives met with members of the
Russian government on Friday.
(Reporting Darya Korsunskaya,; Writing by Alexander Winning;
Editing by Lidia Kelly)