VISA and MASTERCARD reached an agreement with the Russian authorities about service conditions in Russia

Russian government and International Payment Systems (IPS) Visa and MasterCard have pre-engaged about cooperation conditions. Negotiations were held in within the frame of St. Petersburg International Economic Forum. IPS Visa and MasterCard from the one part and Igor Shuvalov, the first vice prime minister of the RF government, with Anton Siluanov, the minister of finance, from the other part were attended.

Looking back, that controversies have begun after the adoption of amendments to the law of national payment system in Russia and restriction of requirements for IPS operating on the territory of RF. So, operators of the payment systems not of national value were required to place security deposit of 25% from daily average turnover on the special accounts in Central Bank of Russia. According the experts the amount of security deposit for Visa will be about 18% from annual turnover and will several times more than annual turnover of payment system on the territory of Russia.

Amendments were adopted in reaction to interruption of operations with cards of several Russian banks made by Visa and MasterCard. These banks have received occidental sanctions imposed after the joining the Crimea to Russia as a result of referendum in March 2014.

However in spite of rather severe retaliation measures, both parts have continually declared of disinterest in Visa and MasterCard exit from the Russian market, as far as they serve more than 90% of payment systems users in Russia.

During negotiations Visa and MasterCard agreed to satisfy requirements of newly adopted amendments. They also declared of creating their own divisions on the territory of Russia in the near future. In such a way all physical infrastructure necessary for starting the payment system will be ported. Also the domestic company which will fix up with all calculations within the frame of Russian legislation will be created. Hitherto Visa and MasterCard will operate with Russian card schemes.

For his part Anton Siluanov stated that small amendments will be adopted to the of Russian payment system, which will not change its strategy but keep payment systems on the territory of RF busy. Siluanov also noted that maintenance of payment systems domestically, basing upon world experience, is the primary goal of innovations. The main requirements are as follows: steady service for Russians and legal entities in the frame of the Russian legislation, and guarantees that accounts of cards holders will not be frozen under the influence of third party effects.

The government has secured its guarantees

In order to stimulate economic development and realize nationwide projects on priority directions, it was created the institution of state guarantees, which undergoes its transformation in the normative legal field at the present time. So that, it was found in the recent Resolution of the Government of the RF No.476, dated 21 May 2014, that the substitution of a bank, stated as a beneficiary in the state guarantee, by a new party is possible only in case of the compliance of such bank with the requirements to beneficiaries, set by appropriate normative legal acts, which govern relations on granting and performance of state guarantees.

The Russian Federation, as a guarantor, is interested in financial solvency and transparency of the scope of persons (banks, investors) being involved in the implementation of infrastructure projects of high priority, participants of which are determined by decisions of the Government, as well as by bodies authorized by the Government (by interagency or government committees, federal agencies of executive authority), which select principals (borrowers).

Moreover, it was foreseen that to pledge the claims on such state guarantees to the «Bank of Russia» will be possible only for banks, having the amount of internal capital more than 100 bln RUB.

Such measures are directed, finally, to the extension of refinancing opportunities of credit institutions by the side of the Bank of Russia and the creation of conditions for the increase in lending of the real sector of economy.