Visa and MasterCard will now process all their transactions in Russia through a newly created local payment system, a Central Bank official told The Moscow Times.
The shift to the new payment system aims to prevent the US credit card companies from suspending service.
"We transferred all transactions done with MasterCard cards in April, and literally last night we completed a full transition for all banks using Visa," Central Bank deputy head Olga Skorobogatova was quoted as saying by the Interfax news agency.
Skorobogatova added that Visa has also moved processing of its card transactions in Russia to a local system.
The new system will enable Russians’ credit cards to continue functioning though foreign payment systems switched off access. It was launched after Visa and Mastercard stopped providing services for some Russian banks that were sanctioned over Moscow’s role in the Ukraine crisis.
Last week, Russia’s new national payment card system said that it had selected a brand name and image for its first bank cards, to be released later this year.
The brand name, which in Russian means both ‘the world’ and ‘peace’, will include an image of the world and cartoon-like wings.