NOVO-OGARYOVO, Russia - President Vladimir Putin warned the West on Thursday that curbing Russians' use of payment systems based in the United States and Europe would backfire by causing companies involved to lose money and market share.
Visa and MasterCard last week stopped providing services for payment transactions for clients at Bank Rossiya, which has been hit by US sanctions over Russia's annexation of Crimea, as well as some other banks. Services were later resumed for most of the banks. "It is really too bad that certain companies have decided on ... restrictions," Putin told senior Russian lawmakers. "I think this will simply cause them to lose certain segments of the market - a very profitable market."