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Blog "Русская эмиграция 🇷🇺"

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The Central Bank of the Russian Federation sent out letters to banks with a request to find a partner who could service transactions using their bank cards. This is done in connection with the new sanctions from the United States, which imply sectoral restrictions, including concerning the country's banking sector.

A letter of recommendation was sent to banks that work with international payment systems Visa and Mastercard not directly, but through larger partner banks. The Central Bank recommends that small banks enter into a reserve agreement with another bank, which in case of anything could ensure uninterrupted operation of bank cards.

The largest players as banks-operators of communication with payment systems are: RNKO "Payment Center", "Uralsib", VTB, Rosbank and Promsvyazbank. The Central Bank states that the letter was sent to reduce risks in payment systems, noting that this is international practice, but market participants do not really understand the concerns of the regulator.

The publication also notes that the change of the partner bank is a long and painful process, which takes about 3-6 months, and is also accompanied by failures in the operation of bank cards. Changing the processing counterparty for the bank will cost about 100 thousand dollars.

Sources of the publication claim that the Central Bank is thus insured not only against the possible fall of large banks, which often disrupt the work of small partners, but also against possible new sanctions from the United States. Potential sanctions will not affect the work of bank cards in Russia - they pass through the Russian National Payment Card System (NSPK), but the cards will not work abroad .

https://www.vedomosti.ru/finance/articles/2018/12/06/788665-tsb-otklyucheniyu

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