Visa blames Russian sanctions for revenue slow down

Visa said it expects a slowdown in card transaction volumes and revenue growth in the third quarter partly due to US sanctions on Russia. The world's largest credit and debit card company said it expects nominal revenue growth to be in the mid-single-digits, a couple of percentage points below its second-quarter growth rate of 7%. The company and its rival MasterCard stopped providing services to two Russia-based banks as part of Barack Obama's sanctions on the country after the crisis in Ukraine. Following the development, Russian President Vladimir Putin said Visa and MasterCard would lose market share as a result of the sanctions, as the country was planning to develop an alternative payment system.

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