Plastic flexibility. Russia can make concessions to the international payment systems

Plastic flexibility. Russia can make concessions to the international payment systems
Possible risks of leaving from the Russian market of the Visa and MasterCard companies were estimated by the prime minister Dmitry Medvedev and the Minister of Finance Anton Siluanov


The Russian authorities for the first time since the beginning of confrontation with the international payment systems against implementation of the American sanctions by them replaced rhetoric. Undesirability of their leaving in more obvious form was recognized by the Ministry of Finance and in less – the head of the Russian government. However, while their statements did not make more constructive tone of official discussion. Informally sources of "Kommersant" indicate at once some options, yet not involved for achievement of a compromise, – from lobbist support of the largest banks before regulatory eases of the Central Bank.

On May 20 possible risks of leaving from the Russian market of the Visa and MasterCard companies were estimated by the prime minister Dmitry Medvedev and the Minister of Finance Anton Siluanov. Their reaction was much less categorical, than the previous statements of authorities about it. "We cannot refuse these systems as more than 90% of users of payment systems work with them", – the Minister of Finance Anton Siluanov declared to "Interfax", having expressed confidence that payment Visa and MasterCard systems will work in Russia further. The prime minister Dmitry Medvedev was more categorical, but also he noted: the Russian authorities would like that the international payment Visa and MasterCard systems remained to work in the country. "We would not like anything to tear, we would like that MasterCard and Visa remained and worked at the territory of the Russian Federation. But they have to observe the obligations not in relation to Russia, and in relation to specific clients who use their cards", – mister Medvedev in interview of Bloomberg TV told.

Before the rhetorician of the Russian authorities concerning cooperation with Visa and MasterCard was more rigid. So, the head of the Ministry of Foreign Affairs Sergey Lavrov noted that "if they will leave the country, Russia will be able to find it replacement". The president of Russia Vladimir Putin specified that Visa and MasterCard undermine trust and can lose the Russian market as showed that are subject to political outside influence. Mister Putin made comments on risks of withdrawal of Ministry of Railways from Russia as chance to create own independent national payment system that would be even plus from introduction of the international sanctions.

The sanctions imposed concerning a number of the Russian companies and citizens of the USA in response to a situation with Ukraine also became a reason for radical toughening of the Russian legislation on payment system that called into question continuation of activity of Ministry of Railways in Russia. On May 5 Vladimir Putin signed a package of amendments which demanded from Ministry of Railways not only construction in Russia of the processing centers, but also placements in the Central Bank of security payments at a rate of a two-day turn. From these contributions in case of blocking of card operations of any Russian banks compensation also would be paid to injured clients. By Morgan Stanley estimates, the size of security contributions (in total 2,9 bln. dollars for both systems) will significantly exceed their proceeds from the Russian business (160 mln. dollars and 350-470 mln. dollars for MasterCard and Visa respectively). So, in purely material plan to leave Russia it cheaper, than to remain. New requirements come into force since July 1.

Officially Ministry of Railways and the Russian authorities now are in a stage of development of the compromise solution. "We held meetings with the Central bank, the Ministry of Finance and we expect clarity", – the head of MasterCard Adzhay Banga declared recently. In Visa also reported about negotiation process with the Russian authorities. However, according to "Kommersant", board of directors of Visa Inc. already made the decision not to place a security contribution to the Central Bank. In Visa do not make comments on it. MasterCard have plans for radical reduction of number of employees in Russia in case of development of a situation in the worst of scenarios, told the sources of "Kommersant" familiar with a situation. "We carry out the scenario analysis of options of succession of events, however we do not consider to make comments on hearings about them correct", – declared in MasterCard.

It is difficult to estimate prospects of discussion of Ministry of Railways with the Russian authorities. According to "Kommersant", a reality it was not succeeded to reach yet. "Both companies while threaten to leave from the market, – one of interlocutors of "Kommersant" speaks. – In the Central Bank last week recommended to them to address to deputies as the Bank of Russia has no legislative initiative". In payment systems of support from the deputies who just adopted amendments, unprofitable for them, do not wait. "And it is vain", – one of interlocutors of "Kommersant" familiar with a situation notes. In his opinion, complexity in work of systems can be used by the authorities as pressure lever in other difficult negotiation process – on performance by the Russian banks FATCA (the American tax law demanding from the foreign financial organizations to give tax service of the USA information on accounts of the American taxpayers and to act as agents on deduction of taxes).

"It is not excluded that in exchange for eases for Ministry of Railways from our party of the USA can return to signing of the intergovernmental agreement on FATCA what Americans refused because of a political tension in the relations", – tells a source of "Kommersant".

However, possibility of such exchange is not officially confirmed. "It not so", – the press secretary of the head of state Dmitry Peskov reported. "We do not trade in the homeland and are not ready to exchange performance of the American law for wellbeing of compatriots", – the chairman of the State Duma Committee on the financial market Natalya Burykina declared "Kommersant". Deputies in general are adjusted rigidly and for a long time insist on absolute uninterrupted operation of work of Ministry of Railways in Russia.

However, Ministries of Railways settled not all resources in negotiation process, experts specify. "They have one more channel is large Russian banks which are interested in work with Visa and MasterCard and could lobby liberalization of new requirements or at least a delay of their coming into effect", – one of interlocutors of "Kommersant" speaks. Such option could be cornerstone of more constructive dialogue, confirm Ministry of Railways. "The extra time on considering of our further strategy would not prevent us now, especially taking into account that we the global company and it is impossible to expel from the market of our presence Russia", – the interlocutor of "Kommersant" in one of payment systems speaks. However, participants of the market consider that it is possible to do and without bank lobbyism in the State Duma. "For example, rigid right application of the adopted law could soften the Central Bank with the subordinate regulations, – Alma Obayeva considers preboards of NP NPS. – The regulator, in particular, can establish that transfer of security contributions will begin not since July 1, and since October". It would be logical taking into account what intensity caused the adopted amendments, and taking into account lack of a reality in destiny of a national payment rationing system which could replace Visa and MasterCard, she concludes.



Olga Shestopal, Svetlana Dementieva
Businessman
 No. 85 of 21.05.14