Russian President Vladimir Putin signed a law on foreign payment systems on May 5 that requires foreign payment systems to be levied at 25 percent of an average amount of transfers profit during one calendar day in Russia, to be paid each quarter to the Central Bank. The law will be enacted on July 1.

The legislation will require international payment systems who intend to remain on the Russian market beyond July 1 to place a security deposit in the Central Bank equal to the cumulative value of two days of transactions processed in Russia.