Russian MP Anatoly Aksakov has predicted that Mastercard and Visa could soon return to Russia, after they pulled out in 2022 due to the ongoing conflict with Ukraine. Aksakov, the chairman of the Russian State Duma’s Financial Markets Committee, shared his thoughts during a press briefing on Monday, saying the two US payment giants had lost a significant market and would likely want to regain access.
However, he noted that the process might not be smooth since Russian consumers have already adapted to alternatives like the National System of Payment Cards (NSPK) and Russia’s Mir card. Russia began developing NSPK after facing sanctions in 2014 and launched the Mir system in 2015 as a domestic payment alternative.
Despite the rise of local payment systems, Aksakov acknowledged that Visa and Mastercard remain important for international transactions with the EU and the US, as many countries still hesitate to accept Mir cards due to sanctions. Aksakov’s comments come as high-level talks between Moscow and Washington are set to take place in Saudi Arabia this week, aiming to rebuild bilateral relations and discuss the Ukraine conflict.
