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Moscow To Introduce New Plastic Payment Card

A woman pays bills using an ATM at a Sberbank branch in Moscow. (file photo)
Russia is working on introducing its own plastic payment card after Visa and MasterCard introduced limitations on some Russian banks as a result of U.S. and European sanctions.

The Chief of Russia's Sberbank, German Gref, told President Vladimir Putin on March 31 that the new national payment system could be introduced six months after relevant legislation is approved by lawmakers.

Gref said a draft law on the issue already has been sent to Russia's parliament.

He said all Russian banks would be invited to be partners of a new payment company called "Universal Electronic Card."

He said the company would serve all transactions between Russian banks.

Based on reporting by Interfax and ITAR-TASS