Government Considers Switching To National Payment System


News: The Russian government is considering plans to switch over to a national payment system after Visa and Mastercard blocked the card operations of several US-sanctioned Russian banks. The suspension was imposed on seven banks, including Bank Rossiya and InvestCapitalBank, reports Russia Today. The move was aimed at putting pressure on 20 Russian individuals believed to be members of President Vladimir Putin's inner circle. The US government directly targeted Bank Rossiya, stating that it is 'providing material support to these individuals' (TechWeek Europe).

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Geography: Russia

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