The Finance Ministry of Russia has expressed its willingness to extend deadlines for Visa and MasterCard to transfer their card processing to the country from 31 October.

Russia’s Deputy Finance Minister Alexei Moiseyev said: "We will follow the schedule. We will analyze it, and if we see that they have failed to meet the terms even though they did everything possible – then we will consider such a possibility (of extending the deadline)."

In May, President Vladimir Putin passed a law to setup a national payment system after Visa and MasterCard stopped servicing cards of some Russian banks as part of US and EU sanctions against the country, reports ITAR-TASS.

Immediately after the new law was passed, Visa and MasterCard were asked to pay deposits amounting to hundreds of millions of dollars.

According to the law, the systems must pay security deposits equalling 25% of their average daily turnover to the central bank by 31 October in order to continue operating in Russia, but the deposits can be reduced to zero if the systems find a partner among nationally important card operators.