Russia is working on introducing its own plastic payment card. Why? First and foremost, it is wise to cushion the economy against negative consequences of the sanctions from the West. Besides, the time is ripe for this novelty. While western policymakers are trying to arrive at a common view how exactly “stubborn” Russia should be punished, President Putin has called for the creation of a national payment system. Russia’s authorities set about the issue after Visa and MasterCard had imposed limitations on some Russian banks as a result of the U.S. and European sanctions. Meanwhile, good examples of the similar payment systems in China and Japan have been considered. Thus, President Putin highlighted the gravity of having the domestic full-scale and self-reliant financing mechanism. Amid the escalating geopolitical tension and further punitive measures, some experts think Russian officials should have started discussing the idea earlier to protect the country’s interests. The President’s assignment and his personal supervision always speed up any red tape in Russia. Speaking to members of the upper house of the parliament, Vladimir Putin said the Japanese system, which started as a national system, now is operating in 200 countries. The Chief of Russia's Sberbank, German Gref, reported the President that the new national payment system could be introduced six months after relevant legislation is approved by lawmakers. A special government commission has been appointed to accompany the project at the legislative level. A draft law on the issue has already been sent to the Russian parliament. All Russian banks are supposed to be partners of a new payment company called "Universal Electronic Card." However, the deadline for its launching has not been determined yet.
