Nabiullina opposed to financial self-isolation of Russia
YUZHNO-SAKHALINSK. April 28 (Interfax) - Russian Central Bank head Elvira Nabiullina said she did not support proposals by some politicians and officials on financial self-isolation of Russia amid the introduction of new Western sanctions.
"I think that we should create a system - this concerns financial, payment processing and card system. This will be insured to the maximum from passing unfriendly decisions from abroad. So for instance, the decision on developing national payment processing system is being made. But I do not support any voluntary self-isolation. A balanced solution is needed here," Nabiullina said during the Nedelya (Week) program of the REN TV channel on Saturday.
Nabiullina said that according to her information, 217 million cards had been issued in Russia and 95% of them account for international payment processing system, such as Visa and MasterCard. Meanwhile, 90% payments made with these cards are carried out in Russia.
"If the bill [on national payment processing system] is passed, it is expected that such a system will be created on the basis on Russian developments and technology under the aegis of the Central Bank. No one is saying that they [international payment processing systems] will be banned in Russia, under no circumstances. They will remain but we will create mostly own national payment processing system for domestic payments," she said.
She said that at the initial stage "it will be impossible to make cross-border purchases because international payment processing systems do this" but it will possible to pay in stores, take cash from ATMs and make online purchases within Russia.
Purchases abroad, including via the Internet, will be possible just with Visa MasterCard cards for now, she said.