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That's actually a very reasonable response to what Visa/MC did. I guess that Visa will now quietly back away from the sanctions and in return Russia will eithe
by huhtenberg 13y ago
That's actually a very reasonable response to what Visa/MC did.
I guess that Visa will now quietly back away from the sanctions and in return Russia will either extend the deadline, reduce the security deposit or allow them to participate in development of the national payment system. Probably latter.
- ovi256 13y agoVisa and its competitors cannot back away from the sanctions at will, as they are ordered by the US federal government. As such, Visa et co. are caught between a rock (US ordered sanctions) and a hard place (this Russian law saying "don't dare apply those sanctions to Russian citizens").
- gst 13y agoThat new law seems to address this: "... and require them to base their processing center in Russia". How would sanctions work with a local subsidiary that does the processing?
- mike_hearn 13y agoThe same way the USA has been taking control of the rest of the financial system. They say to American VISA/MC executives, "we require any transactions processed by your subsidiary to comply with US sanctions, or else we're going to tell the whole world that you're a bunch of financial terrorists and throw you in jail". Then the US executives say, OK, then we won't process payments in Russia. And then Russia says ....
- boobsbr 13y agoFeels similar to FATCA requirements: report all transactions that involve even the remotest link to an "American person or company" or you're sancioned from operating in the US and with any "American person or company".