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Putin Touts Russian Proxy for Visa, MasterCard After Sanctions

President Vladimir Putin said Russia must develop its own payments network, with companies that blocked some transactions following U.S. sanctions on Russian individuals and a bank at risk of losing market share.

“This wasn’t our decision,” Putin said at a meeting with lawmakers outside Moscow today, adding that developing a domestic system will take time. “We need to defend our interests. And we’ll do that.”