The Head of the Financial Markets Committee in the Russian State Duma, Anatoli Aksakow, recently stated in an interview that international payment systems, Visa and Mastercard, may soon signal their willingness to re-enter the Russian market. According to Aksakow, the companies are currently re-evaluating their stance on the Russian market due to changes in the geopolitical landscape, including US President Donald Trump’s more conciliatory approach towards Russia.
While the Russian government has been developing its own national payment system, Mir and other alternatives, such as UnionPay, a Chinese payment system, have gained popularity, Aksakow believes that the infrastructure for international payment systems is still in place in Russia. However, he also noted that the unfriendly actions of these companies towards Russian citizens have not gone unnoticed and that the national payment system has already proven its effectiveness.
The use of Visa and Mastercard cards in Russia has been limited since the introduction of anti-Russian sanctions in 2022, as international transactions with these cards have been blocked. However, the cards can still be used domestically, as all transactions within the country are processed through the national payment system. The development of alternative payment systems, including virtual prepaid cards from Visa, has also provided new options for online transactions and purchases.