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Visa and Mastercard may Soon exit Russia

New Russian payment system laws could lead the world’s largest credit and debit card companies Visa and Mastercard to exit the country’s market, the Kommersant business daily reported on Friday.

Russian lawmakers are now considering new legislation that will in effect prohibit international payment systems from refusing to process transactions in compliance with sanctions.

Visa and Mastercard’s Russian subsidiaries won’t be able to comply with the law even if it passes because they are a part of their respective global companies with U.S. headquarters.

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