Credit Cards

Published on September 16th, 2015 | by Skrill payment

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Why have international credit card companies and other payment companies moved out of Crimea?

During recent times, the ordinary people in Crimea are facing a financial crisis. This crisis has occurred as big international credit card companies along with other payment companies have stopped undertaking transactions in Crimea. Therefore the common man can either pay in cash or use the Pro-100 system, when it undertakes any financial transaction. Pro-100 is a new type of Russian credit card system and this was introduced in Crimea well ahead of the scheduled time. This sudden fallout has made life of a common man difficult and you would need to wire money in using various channels in Russia.

Why have international credit card companies and other payment companies moved out of CrimeaWhat is the Pro-100?

Oleg Saveliev, Crimea’s Kremlin minister is very positive as the Pro-100 credit system was introduced in Crimea, since the common people needed it. He is positive regarding the fact that local banks in Russia would easily integrate the system into their existing system. Thus, when tourists travel to Russia, they will not face any hassle in this regard. But the common man has to adapt to this system, no matter whatever might be his problem be.

What is the effect of Ukrainian banks?

Most international companies view this move as illegal. In fact, banks from Ukraine have stopped any transactions in the area and no foreign bank has come forward, as they think they might severe foreign repercussions.

What is the role being played by Sberbank?

Sberbank the Russian state owned bank which had initially started the Pro-100 project. But surprisingly Sberbank has not got itself involved in the Crimean crisis. If you look at Pro-100’s website you would feel that it is over the top. The telephones listed in the websites are unanswered no matter how many times you try it. Sometimes the call would be picked up and the receiver would be kept down immediately. Financial analysts are quite skeptical regarding how quickly the Pro-100 scheme would be introduced in USA. Maxim Osadchly an analyst from Bank of Moscow if of the opinion that Visa and MasterCard is no longer working in the area, thus the system should be up quickly. But the presence of economic crisis and other conditions would prevent the implementation from being undertaken easily.

What are the steps undertaken by Skrill?

Skrill has followed in the same footsteps like its other international companies and have informed their customers that service accounts would be terminated for indefinite period. Global companies like Apple have also stopped selling their products in Crimea as most of the payments for their products was made using Visa, Skrill accounts. Skrill has advised its customers that the amount available in their account could be used up by Jan 26 and this would prevent the company from completely blocking it.  Similar steps were also undertaken by MasterCard and Visa companies too.

The crisis is critical and only time would tell regarding how the problem is going to solved in Crimea.

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