Blocking of bank cards of individuals in Russia is a possible consequence of the sanctions bill of the USA
The adoption of new US sanctions against Russia may have a negative impact on the banking sector of the country. First of all, ordinary citizens will suffer. It is possible that as a result of sanctions, blocking of bank cards of individuals will be possible.
Blocking of bank cards of individuals: is there a solution
The conflict in the Kerch Strait did not pass without consequences. It is reported that a new sanction bill of American senators was recently submitted to Congress. If it is accepted, blocking of bank cards of natural persons of Russia can become a reality. The Central Bank of the Russian Federation expected such a step from the USA last year. In this connection, the main bank of Russia in 2018 called on other banks working with payment systems not directly to take care of spare partners. In the event if the disconnection from Visa and Mastercard still occurs, the reserve sponsor bank will be able to continue servicing the customer’s cards. Fortunately, sanctions will not affect domestic operations, as local transfers are provided by the National Payment Card System. At the same time, Russians will not be able to use their credit cards abroad.
Also, in connection with the possible adoption of the sanctions bill of the United States, representatives of the Central Bank of Russia informed clients about potential consequences and ways of their solution. It is not a fact that the blocking of bank cards of individuals will affect users of absolute all banks of the Russian Federation, but the clients of large financial institutions may face with this problem. If you have planned a trip abroad, then the Central Bank recommends opening a bank account for this purpose, which will not be disconnected from international payment systems. Additional cash reserves will also not be superfluous.
In case of unwillingness to work even with safe Russian banks, there is a possibility to open an account in foreign countries. However, there is no guarantee that such an alternative will be effective. The fact is that to understand the degree of reliability of foreign banks is not so easy. In addition, the expediency of annual payment for card service in case of a single or small number of trips abroad raises questions. In this case, Ekaterina Marsukova, the head of the bank products analysis department of Banki.ru recommends apply to international payment systems modeled on the Japanese JCB. They provide a similar set of services as Visa and Mastercard.