The state Duma has banned transfers to Ukraine through international payment system

The state Duma adopted in the third reading the amendment to law “On national payment system”, limiting the ability to send money transfers from individuals from Russia to other countries.

The document provides for the imposition of retaliatory measures undertaken by any country limit the activities on its territory of the Russian payment systems or operators of payment infrastructure services. This measure would effectively deprive this country of the ability to non-Bank remittances from Russia, including transfers using electronic money.

The law provides for the prohibition of departure transfers to citizens of countries introduced restrictive measures against Russian payment systems, except through the payment system, controlled by Russian business. Given the fact that the reason for the ban is just the restriction of the activities of such systems, sending money is actually blocked.

The first pass after the new law will be Ukraine, whose authorities in October 2016, banned the work in its territory of six Russian payment system — “Kolibri” (controlled by Sberbank), the “Golden crown” (rnko “Payment center”), “Unistream” (Bank “Uniastrum”), international money transfers “Leader” (NCO JSC “Leader”), Anelik (Bank “Anelik RU”) and Blizko (the Bank).

According to experts, from-for sanctions of the Ukrainian authorities, Russian companies lost market volume of about $1 billion a year. In the explanatory note to the adopted on March 21 by the state Duma the law States that it needs to eliminate the negative effects imposed by Ukraine sanctions.

“The establishment of this prohibition has led to restriction of competition on the Russian market of payment services carried out in the form of cross-border transfers of funds without opening accounts in favor of foreign payment systems. Given this fact, it is proposed to limit the possibility of payment through foreign payment systems”, — stated in the explanatory Memorandum.

According to the Central Bank, in 2015 the total amount of remittances sent from Russia via payment systems in Ukraine, amounted to approximately $988,5 million In 2016, he declined to approximately $621,5, that is, more than a third. In the fourth quarter of 2016, after the introduction of the Ukrainian authorities ban the Russian payment systems, remittances have decreased compared to the previous quarter, less than 5% — from $157 million to $150 million.

The Chairman of the Board of Directors of the payment system “Leader” Olga Vilkul said “Vedomosti” that the Ukrainian sanctions have forced customers to use the services of non-Russian systems.

“In this situation, the national significant systems left behind in their own country”, — said Vilkul.

After the introduction Kiev restrictions on the work of Russian payment systems the function of money transfer issued by Ukrainian banks on cards of MasterCard and Maestro introduced the social network “Vkontakte”. A similar service has appeared in the social network “Odnoklassniki”.