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Putin Will Replace US Credit Cards With Russia’s

From the Associated Press:

Russia to set up own payment system

By NATALIYA VASILYEVA | March 27, 2014

MOSCOW (AP) — Russia’s President Vladimir Putin said Thursday that Russia will set up its own payment system to rival Visa and MasterCard after the companies pulled their services from several banks in the wake of the sanctions imposed on the country.

Last week, the United States and the European Union imposed travel bans and asset freezes on two dozen Russians who are believed to be Putin’s close allies, following the country’s annexation of Crimea.

The banks of some of those individuals reported suspension of card services. Visa and MasterCard suspended services for St. Petersburg-based bank Rossiya, which was specifically targeted by U.S. sanctions, and two of its subsidiary lenders.

In a meeting with Russian lawmakers Putin said the country’s central bank is "working hard" to set up Russia’s own payment system, citing the recent troubles facing Rossiya and others. "This is not our decision," he said in televised comments. "We have to protect our interests, and we will do it."

Just imagine the commercials you could do with Putin as your credit card pitchman. He could be more fun than Alec Baldwin.

Putin expressed "regret" that the companies halted their services and cited Japan’s JCB or China’s UnionPay as examples of successful card business which started off as domestic companies but have expanded internationally ever since.

Russian officials have criticized the reliance on Visa and MasterCard, saying Russian banks are hostage to international corporations.

Sure, who won’t want to rush out and get a Russian credit card? The Russians are so good at banking. (Cf. Cyprus.) Plus, you know your account will never be hacked, and your ID will never be stolen.

Still, as the article notes, the Chinese have done the same thing, and it’s been pretty successful. But then again, the Chinese tend to be slightly more business-like than Russia’s gangsters.

This article was posted by Steve Gilbert on Friday, March 28th, 2014. Comments are currently closed.

4 Responses to “Putin Will Replace US Credit Cards With Russia’s”

  1. dasher

    He could do a commercial with Stephen Segal too.

    D.

  2. Right of the People

    Mafiya Express, who’s in your wallet?

  3. Astravogel

    Russian Express Card, “Don’t leave home!”

  4. captstubby

    “Next time,” admonishes Comrade Malden,”
    “Remember to carry the KGB Card,”
    because;

    Just Show Them Your Card ,
    The privileged have their membership,
    They’re everywhere we want to be,
    And They Don’t Take American Express!

    (CREDIT CARD ADVERTISING;)

    http://www.frankwbaker.com/socialturnabout.htm

    The Socialist Party U.S.A. does distribute red cards to members willing to “subscribe to the principles” of the party,
    You can still be a card-carrying Communist in New York, but these days committed Communists usually register online.
    “We actually have a card, but we don’t make a big deal of it,” said Sam Webb, the national chairman of the Communist Party U.S.A.

    i apologize for hogging all the slogans.


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