Russia proposes new online payment processing restrictions

Russia is tightening its oversight of foreign online payment processors, potentially dealing a further blow to international gambling operators serving Russian punters.

On Monday, Russian media outlet Kommersant reported that country’s legislature had introduced two new amendments to the ‘On the National Payment System’ law which would authorize Russia’s Central Bank to exert stricter control over foreign e-wallets and payment processors.

The explanatory note accompanying the first amendment says it’s intended to “ensure national security” and “the integrity of the country’s payment space” by putting new limits on international payment processors such as Alipay and WeChat, along with popular cross-border remittance services such as MoneyGram and Intel Express.

Assuming the Duma approves the measure, payment processors would have to register with the Central Bank and establish a legally recognized Russian subsidiary staffed by a local who would act as the company’s representative in its dealings with Russian authorities.