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Moscow Is Working on an Alternative to Visa and MasterCard After U.S. Sanctions Hit Russian Banks

Russia Mulls Payment System With Belarus and Kazakhstan

Moscow Is Working on an Alternative to Visa and MasterCard After U.S. Sanctions Hit Russian Banks

By Andrey Ostroukh

July 2, 2014 8:02 a.m. ET
ST. PETERSBURGThe Bank of Russia is working with its counterparts in Belarus and Kazakhstan on creating a regional payment system within the countries' customs union, the central bank's first deputy chairman said Wednesday.
Moscow plans to create a national payment system to protect itself against the kind of disruption caused when Visa and MasterCard cut ties with Russian banks hit by U.S. sanctions after Russia's annexation of... [sorry for the paywall]
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