FinTech in Russia: how has this changed since the “special military operation”? In particular Daniel Gusev, Managing Partner & Founder at Gauss Ventures, has been a good Russia contact for many years, so I reached out and asked him: what’s happening in Russia? Here is his summary:The situation in RussiaThis analysis is done solely to, as objectively as possible, overview repercussions from war and imposed sanctions on Russian economy, payments, fintech. NSPK (National Payment Card System) will carry the flag of supporting local payment switch – but card importance in terms of payments will cede before faster payments integrated to support in-app payment and QR payments for offline. Here, western sanctions provide a (unintended) silver lining: while morally castigating Russia to oblivion, sanctions provide the country with capital – effectively solving the capital flight problem – as well as securing professional middle class help.

Source: The Times April 25, 2022 07:46 UTC