President Vladimir Putin on Thursday said Russia should create its own national payment settlement system, in a bid to reduce economic dependence on the West amid the controversy over Moscow's seizure of Crimea.
"In countries such as Japan and China these systems work, and work very well," Putin told lawmakers in televised remarks.
"Initially, they started out solely as national systems limited to their own markets, their own territory, their own population but they are becoming more popular right now."
"Why should we not do it? We should definitely do it and we will do it," he said, noting that Russia's Central Bank and the government have been looking into the matter.
Last week the United States hit more than 20 Russian officials, including some of Putin's closest allies, with sanctions over Moscow's takeover of the Black Sea peninsula of Crimea from Ukraine. A lender described as a "crony bank" for the Russian elites, Bank Rossiya, was also blacklisted.
As a result of punitive measures, several banks last week saw their customers barred from using Visa and MasterCard credit cards, prompting talk among officials and lawmakers that Russia should create its own operational network.
"It's a great shame that some companies have taken a decision on certain restrictions," Putin said.
"I think it will simply lead to a loss of certain segments of the market for them, and a rather profitable market at that."
Finance Minister Anton Siluanov said on Wednesday that the government had no plans so far to jettison Visa and MasterCard.
"But at the same time we are beginning to pay more attention to the creation of our own payment settlement system," he said in televised remarks.
Comment: Putin certainly has the measure of his opponents.