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Russia’s NSD Depository Is Recognized As “Payment System of National Significance“

© Sputnik / Ruslan Krivobok / Go to the mediabankThe Central Bank of Russia
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The Central Bank of Russia recognized National Settlement Depository, which is the central depository of Russia and part of the Moscow Exchange Group, as a payment system of national significance, according to the registry of payment systems published on the Central Bank’s website.

MOSCOW, July 14 (RIA Novosti) - The Central Bank of Russia recognized National Settlement Depository, which is the central depository of Russia and part of the Moscow Exchange Group, as a payment system of national significance, according to the registry of payment systems published on the Central Bank’s website.

The decision to recognize National Settlement Depository (NSD) as a payment system of national significance was made on May 5, when Russia’s President Vladimir Putin also signed a law establishing a national payment card system and providing for uninterrupted work of international payment systems. NSD became the first payment system with such a status.

The term “payment system of national significance “ first appeared after MasterCard and Visa froze cards issued by several Russian banks as a result of US sanctions against Rossiya and SMP banks.

In response the Russian government decided to establish a national payment card and introduce legal requirements for foreign payment cards to work in Russia. The national payment card will be created by a new company controlled by the Central Bank.

MasterCard and Visa need to either get recognized as a “payment system of national significance” or pay special fees to the Central Bank of Russia.

Last week First Deputy Chairman of the Central Bank of Russia Georgy Luntovsky told RIA Novosti that MasterCard and Visa are looking into a possibility of cooperation with national payment card operator to be established by the Central Bank to avoid paying special fees.

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