Putin says Russia will create national card payment system

Putin wants national credit card payment system to curb the country's dependence on western companies

Putin wants national credit card payment system to curb the country's dependence on western companies

MOSCOW - Russian President Vladimir Putin said in a statement Thursday that Moscow would create a national credit card payment system, similar to those used in China and Japan, to reduce the country's dependence on western-based companies and as a means to circumvent economic sanctions imposed on Russia following its annexation of Ukraine's Crimea peninsula.

“These types of systems work in countries like Japan and China and are very successful. They started out as national systems that were limited to the domestic market. They gain popularity every day,” Putin was quoted as saying by Ria Novosti.

Putin also lashed out at Visa and MasterCard after they agreed to comply with the sanctions by limiting the transactions of Russian cardholders.

"I'm convinced this will lead to severe losses in certain segments of a very profitable market,” he said.

The U.S. and EU imposed targeted sanctions on Moscow after it unilaterally annexed Crimea.

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