Russian minister hopeful of solution for Visa, Mastercard

Reuters News
Posted: May 22, 2014 10:35 AM

ST PETERSBURG, Russia (Reuters) - Russian Finance Minister Anton Siluanov said on Thursday he was confident a "reasonable solution" would be found for Visa and Mastercard after the credit and debit card companies complained about tightened regulations in Russia.

Visa and Mastercard have stopped serving several Russian banks because of U.S. sanctions and Russia has obliged them to pay a security deposit of 25 percent of their average daily turnover in Russia to the central bank once a quarter from July 1 - a move that the U.S. firms said would create significant complications for their business in Russia.

"We want to meet with Visa and Mastercard, we will talk about how to work. I have no doubts that we will find a reasonable solution," Siluanov told the St Petersburg International Economic Forum.

(Reporting by Denis Pinchuk; Writing by Maria Kiselyova; Editing by Timothy Heritage)