May 22, 2014 / 2:38 PM / in 4 years

Russian minister hopeful of solution for Visa, Mastercard

ST PETERSBURG, Russia (Reuters) - Russian Finance Minister Anton Siluanov said on Thursday he was confident a “reasonable solution” would be found for Visa and Mastercard after the credit and debit card companies complained about tightened regulations in Russia.

Russia's Finance Minister Anton Siluanov holds a news briefing after a G20 meeting at the start of the annual IMF-World Bank fall meetings in Washington, October 11, 2013. REUTERS/Jonathan Ernst

Visa and Mastercard have stopped serving several Russian banks because of U.S. sanctions and Russia has obliged them to pay a security deposit of 25 percent of their average daily turnover in Russia to the central bank once a quarter from July 1 - a move that the U.S. firms said would create significant complications for their business in Russia.

“We want to meet with Visa and Mastercard, we will talk about how to work. I have no doubts that we will find a reasonable solution,” Siluanov told the St Petersburg International Economic Forum.

Reporting by Denis Pinchuk; Writing by Maria Kiselyova; Editing by Timothy Heritage

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