Thursday, March 27, 2014

AFP — Putin eyes Russia’s own credit card system after Western sanctions

President Vladimir Putin on Thursday said Russia should create its own national payment settlement system, in a bid to reduce economic dependence on the West amid the controversy over Moscow’s seizure of Crimea.
“In countries such as Japan and China these systems work, and work very well,” Putin told lawmakers in televised remarks.
“Initially, they started out solely as national systems limited to their own markets, their own territory, their own population but they are becoming more popular right now.”
“Why should we not do it? We should definitely do it and we will do it,” he said, noting that Russia’s Central Bank and the government have been looking into the matter.
The Raw Story

5 comments:

Dan Kervick said...

Interesting. Note that Putin is using a perfectly legitimate domestic economic policy move to effectively "sanction" western bankster/rentiers.

Matt Franko said...

Looks like unwittingly pushing them into establishing their own home-grown variety... rsp,

Unknown said...

How does it work now? Russian banks to provide credit cards????

Unknown said...

I find it amazing they don't have their own system. All their credit card transactions go through banks in western europe/ the united states? That sounds mental.

Dan Kervick said...

It's probably an artifact of the western shock treatment of the 90's, when Russia had to make a leap forward by importing western capitalism, rather than by taking decades to develop its own home grown versions of everything.