Putin Passes Law Requiring $3.8B Security Payments From Visa, MasterCard

Re:Putin Passes Law Requiring $3.8B Security Payments From V... by ovi256 on Tuesday May 06, 2014 @10:31AM (#7704667)

Visa and its competitors cannot back away from the sanctions at will, as they are ordered by the US federal government. As such, Visa et co. are caught between a rock (US ordered sanctions) and a hard place (this Russian law saying "don't dare apply those sanctions to Russian citizens").

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Re:Putin Passes Law Requiring $3.8B Security Payments From V... by gst on Tuesday May 06, 2014 @11:17AM (#7704965)

That new law seems to address this: "... and require them to base their processing center in Russia". How would sanctions work with a local subsidiary that does the processing?

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Re:Putin Passes Law Requiring $3.8B Security Payments From V... by mike_hearn on Tuesday May 06, 2014 @12:09PM (#7705323)

The same way the USA has been taking control of the rest of the financial system. They say to American VISA/MC executives, "we require any transactions processed by your subsidiary to comply with US sanctions, or else we're going to tell the whole world that you're a bunch of financial terrorists and throw you in jail".

Then the US executives say, OK, then we won't process payments in Russia. And then Russia says ....

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Re:Putin Passes Law Requiring $3.8B Security Payments From V... by boobsbr on Tuesday May 06, 2014 @02:16PM (#7706173)

Feels similar to FATCA requirements: report all transactions that involve even the remotest link to an "American person or company" or you're sancioned from operating in the US and with any "American person or company".

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