The Bank of Russia allowed the return of Visa and Mastercard subject to new conditions.

The Bank of Russia allowed the return of Visa and Mastercard subject to new conditions.

The Bank of Russia is ready to consider the possibility of resuming the operation of the international payment systems Visa and MasterCard in the Russian market if the companies independently decide to return. At the same time, negotiations with them are not underway now, Ala Bakina, director of the National Payment System Department of the Central Bank, said.

According to her, after leaving Russia in the spring of 2022, Visa and MasterCard were excluded from the register of payment systems that have the right to operate in the country. To return, they will have to go through the permit procedures required by law again. The regulator will set specific conditions after the companies submit.

Bakina noted that the Russian payment infrastructure is currently quite independent. Previously issued Visa and MasterCard cards continue to be serviced within the country thanks to the national payment processing system, so there is no mandatory replacement of such cards.

At the same time, the possibility of international transactions using Russian Visa and Mastercard cards remains limited.