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Visa and Mastercard say they will remain in Russia
May 23, 2014 / 8:41 AM / 4 years ago

Visa and Mastercard say they will remain in Russia

ST PETERSBURG, Russia, May 23 (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 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)

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