The Central Bank of Russia has asked its regional departments to establish a system of internal transfers by August.
The move is aimed at protecting internal Russian transactions from possible sanctions on the part of the West until a comprehensive national payment system is set up, according to The Voice of Russia.
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The strategy will enable Russia to deal with payment processing challenges if foreign companies including Visa and MasterCard close their processing centers for remittance between banks in Russia.
The apex bank has already issued letters to the concerned departments early in June about its planned move, according to The Izvestia newspaper.
The idea of developing inter-host connections comes after several Russian banks, including Russia Bank, SMP Bank and others, were confronted with Visa and MasterCards, when both firms blocked their payment processing due to west sanctions.
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