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.

You May Like

Video Afghan Refugees Complain of Harassment in Pakistan

Afghan officials and human rights organizations assert that Pakistani authorities are using deadly attack at school in Peshawar as pretext to push out Afghan refugees More

At Boston Bombing Hearing, Sides Spar Over Boat

At final pre-trial hearing, lawyers for suspect Dzhokhar Tsarnaev, prosecutors disagree on whether vessel where he hid from police can be shown to jurors More

Iran Judiciary 'Picks' Lawyer for Detained WP Reporter

Masoud Shafii has been attempting to secure official recognition as Rezaian’s attorney, but is not allowed to see his client in prison More

This forum has been closed.
Comment Sorting
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!

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Supreme Court Hears Hijab Discrimination Casei
X
Katherine Gypson
February 25, 2015 11:30 PM
The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video US Supreme Court Hears Hijab Discrimination Case

The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video Falling Gas Prices Hurt Nascent Illinois Hydraulic Fracturing Industry

Falling oil prices are helping consumers purchase cheaper petroleum at the pump. But that’s made hydraulic fracturing or “fracking” less economically viable for the companies in the United States invested in the process. VOA’s Kane Farabaugh reports on one Midwestern town that was hoping to change its fortunes by cashing in on the next big U.S. oil boom.
Video

Video Fighting in Sudan's South Kordofan Fuels Mass Displacement

Heavy fighting in Sudan's South Kordofan state is causing hundreds of thousands to flee into uncertain conditions. Local aid organizations estimate as many as 400,000 civilians have been internally displaced since the conflict began more than three years ago, while another 250,000 have fled across the border to refugee camps in South Sudan. VOA's Adam Bailes reports.
Video

Video Lao Dam Project Runs Into Opposition

A Lao dam project on a section of the Mekong River is drawing opposition from local fishermen, international environmental groups and neighboring countries. VOA's Say Mony visited the region to investigate the concerns. Colin Lovett narrates.
Video

Video A Filmmaker Discovers Her Biracial Identity in "Little White Lie

Lacey Schwartz grew up in an upper middle-class Jewish family, in a town in upstate New York where almost everyone she knew was white. She assumed that she was, as well. Her recent documentary, Little White Lie, tells the story of how she uncovered the secret of her true racial background. VOA’s Carolyn Weaver has more on the film.
Video

Video Deep Under Antarctic Ice Sheet, Life!

With the end of summer in the Southern hemisphere, the Antarctic research season is over. Scientists from Northern Illinois University are back in their laboratory after a 3-month expedition on the Ross Ice Shelf, the world’s largest floating ice sheet. As VOA’s Rosanne Skirble reports, they hope to find clues to explain the dynamics of the rapidly melting ice and its impact on sea level rise.
Video

Video US-Cuba Normalization Talks Resume Friday

Negotiations aimed at normalizing diplomatic relations between the U.S. and Cuba resume Friday. On the table: lifting a half-century trade embargo and easing banking and travel restrictions. There's opposition in Congress, but some analysts say there may be sufficient political and economic incentives in both nations for a potential breakthrough this year. VOA's Mil Arcega reports.
Video

Video Pakistan's Deadline For SIM Registration Has Cellphone Users Scrambling

Pakistani cell phone users have until midnight Thursday to register their SIM cards, or their service will be cut off. While some privacy experts worry about government intrusion, many Pakistanis are just worried about keeping their phone lines open. VOA Deewa reporter Arshad Muhmand has more from Peshawar.
Video

Video Myanmar Warns Factory Workers to End Strikes

Outside Myanmar's main city Yangon, thousands of workers walked off their jobs earlier this month demanding a doubling of their wages, pay raises after a year and input from labor unions on industrial regulations. Since Friday, the standoff has grown more tense as police moved in to disrupt the sit-ins, resulting in clashes that injured people from both sides. VOA correspondent Steve Herman visited industrial zones which have become a focus of Myanmar's fledgling workers rights movement.
Video

Video Oscar Winners Do More Than Thank the Academy

The Academy Awards presentation is Hollywood’s night to reward the best movies from the previous year. It’s typically a lot of glitter, a lot of thank you’s, a lot of speeches. But many of this year’s speeches carried messages beyond the thank you's. VOA’s Carolyn Presutti takes a look.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More