News / Europe

Putin Says Russia Developing Its Own Consumer Credit System

Russian President Vladimir Putin (L) meets with Prime Minister Dmitry Medvedev at the Novo-Ogaryovo state residence outside Moscow, March 27, 2014.
Russian President Vladimir Putin (L) meets with Prime Minister Dmitry Medvedev at the Novo-Ogaryovo state residence outside Moscow, March 27, 2014.
VOA News
Russian President Vladimir Putin says Russia is developing its own national credit card system so his countrymen do not have to rely on financing from Western companies.

Putin said Thursday that Russia's central bank and the government are exploring a new payment system that he compared to ones that exist inside China and Japan. Creation of a Russian finance system could reduce the possible fallout from economic sanctions the West has imposed on Russian business and political leaders in the aftermath of Moscow's annexation of Ukraine's Crimean peninsula.

The Russian leader's announced intentions came days after two U.S. credit card companies, Visa and MasterCard, temporarily blocked their transactions at Moscow banks.

The U.S. finance companies said they they were forced to take the action because of U.S. sanctions imposed on the owners of the banks to protest Russia's takeover of Crimea. But the credit firms quickly resumed business in Russia when the U.S. said the sanctions were not aimed at the banks, but rather the bank officials, many of them friends of Putin.

The U.S. and European Union have condemned Russia's annexation of Crimea and say they will stiffen their sanctions against Moscow if it advances farther into Ukraine. The world's leading economies have removed Russia from the Group of 8 and say they will not attend a planned June summit in Sochi, Russia, site of the recent Winter Olympics.

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Comments
     
by: Claudia L from: USA
March 29, 2014 3:08 PM
Why doesn't Russia use the Chinese credit card Union Pay. Union Pay has 3.5 BILLION in circulation. It is the most held credit card in the world. They had 2.5 TRILLION transactions in the first ½ of last year. Aren't China and Russia buddies???? Maybe not!

by: joe from: chester ny
March 29, 2014 2:26 AM
how can rhe russians justify their bullying against a country that wants to join the free world!!! despite the objections of a great country like U.S.A.

by: meanbill from: USA
March 27, 2014 7:45 PM
CRAZY isn't it? ... One would think a great country like Russia, would've had a bank credit card system already, wouldn't you?
The sanctions taken against Russia has already helped Russia, to create jobs, and keep their money in Russia, with credit cards and the interest off them, haven't they?
In Response

by: Milind from: USA
March 28, 2014 1:00 AM
This is the warning bell, they might be preparing for something that might block the banking

by: Tomas Landry from: mt. Vernon Illinois
March 27, 2014 5:30 PM
Russia has BALLS!

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