Russia and Turkey Collaborate to Develop New Payment Gateways Amid Visa and Mastercard Suspension

The Central Bank of Russia (CBR) is teaming up with Turkey to build payment gateways with foreign payment systems. The move comes after Visa and Mastercard suspended Russian operations due to sanctions over the war in Ukraine. This caused problems for Russians visiting Turkey, where Mir cards were also not accepted after a US warning. CBR Governor Elvira Nabiullina said that they’re exploring alternative options, including prepaid cards and digital assets like cryptocurrencies. Although the regulator opposes crypto payments in the country, they’re open to allowing international crypto settlements under experimental legal regimes through authorized organizations.

Clever Robot News Desk 21^th April 2023