Sobinbank

Russian lawmakers have adopted regulations which oblige US-based credit card companies Visa and Mastercard to pay billions of USD if they wish to operate in Russia.Under the new legislation, a Russian-based system will also take charge of cashless transactions from this year.

Visa and MasterCard stopped processing transactions for holders of cards, issued by Russia's bank Rossiya, the bank said.

"The management of Rossiya understands the difficulties of clients in the current situation and will do all it can to solve them," the bank said in a statement.