Russia recently passed a law which levies nearly $2.9 billion on Mastercard and Visa, in efect a charge for their continuing to be able to use their profit generating cards in Russia. The fee is supposed to be equivalent to 25% of their profits each year, but Mastercard and Visa say that the fee is more than their profits they earn by operating in Russia. Continue reading
Filed under: climate change | Tagged: currencies, dollar, euro, international transactions, Russia, Visa, world currency, world trade | 2 Comments »