Some Russians cannot use Master Card or Visa credit cards bc of sanctions

[Larry1]

As a result of punitive measures, several banks last week saw their customers barred from using Visa and MasterCard credit cards, prompting talk among officials and lawmakers that Russia should create its own operational network.

... Ratings agencies Standard and Poor's and Fitch last week revised Russia's outlook to negative from stable, citing the direct and anticipated impact from the sanctions and the country's increasing isolation.

... Vedomosti business daily said in an editorial Thursday that the government was facing the daunting two-pronged task of supporting the stagnating economy and finding "the least painful ways of partial isolation."

Economy Minister Alexei Ulyukayev warned Thursday that the country risked growth of just 0.6 percent this year with capital flight expected to reach $100 billion.

http://news.yahoo.com/russia-create-own-national-payment-system-ptuin-says-000217707.html;_ylt=AwrTWf1mTzRTEUQAWpfQtDMD

The article isn't clear as to just who cannot use their credit cards and how widespread this is. Do any of you know?

[tfcrew]

PayPalski ?
Could happen.

[Slumba]

My impression was that the bankomats are far superior in security and functionality than more ATMs in the USA.  So they could easily tie bankomats into a payments clearing house setup and boom, eliminate VISA/MC entirely.

[Muzh]

I read today that they are proposing a system similar to Japan where they will issue their own credit card. I think theirs would be a lot more successful than Visa or Mastercard as they will be able to minimize the deadbeats who plague our systems thus rising the interest rates on Visa and Mastercard.
 
Here's a samlple of customer service dealing with late payment.
 

[xiphoid]

I suspect this may eventually apply to foreigners too if no other reason than to be difficult. No one would be comfortable with the idea of forgoing ATM's in favor of hiding cash on themselves and relying on Western Union as an emergency backup - and what would be the alternative? I may be going over later this summer - hopefully it won't come to this but I'm not counting on it.

[Daz0187]

Hi There,

Just wondering if this is happening in Australia at the moment?
My girl is due to arrive on Tourist Visa in May for a couple of weeks and we were only just discussing what if this happened....

Daz

[Chicagoguy]

My wife is returning home to Russia for almost 3 months in about a week and will have both a Master Card and a debit card. If they don't work I suppose we will use Money Gram or Western Union. Lucky for us she will be with family so will not need much. I doubt/hope that Russia sanctions will spread this far.

[BillyB]

I doubt/hope that Russia sanctions will spread this far.

Even if Russia takes over all Ukraine, I doubt America and Europe will sanction them the whole way too. It's good to plan though. If Russia makes any move, send some money to your wife before the next wave of sanctions. I don't know if Putin will go through the extremes of preventing Russian citizens to travel to America or hassling Russians who have ties in America but talk to your wife about coming home early if things get ugly.