Visa Vows not to Leave Russia Under Newly Proposed Law

U.S.-based multinational payment company Visa said it does not plan to exit the Russian market if a newly-proposed law on payment processing is adopted, reports.

The company said it is ready to comply with the Russian law on the national card system to continue smooth operations in the country, and also pledged to process all transactions in Russia despite U.S. sanctions.

The firm’s press service told Russian media that the country is a strategically important market for Visa. It has dismissed concerns that new provisions of the law “on the national payment system” could lead to withdrawal from the country.

“Visa is committed to its mission of ensuring smooth operation of non-cash payments for all participants of the payment system — banks, merchants (retail businesses) and consumers,” the press service said, adding that it does not comment on the opinions of third parties “based on assumptions and personal view of the author.”

The draft law in Russia prohibits international payment systems from refusing to process transactions in compliance with U.S. sanctions.

The Bank of Russia expressed confidence that international payment systems will continue operations in Russia.

“Amendments are aimed at ensuring conformity of the activity of all payment system operators with the Russian law. We are confident all the payment systems will work just as before. We do not see reasons for concern,” the bank’s press service told reporters.

The regulator explained that domestic card transactions, including cards of international payment systems, will be processed by the National Payment Card System inside Russia. International payment systems will process transactions outside Russia.