We follow the Russian credit card market, particularly after G-7 sanctions were imposed in 2022. Russia’s reactions were notable and effective. Once Mastercard and Visa moved away from the market, Russia dusted off its Mir credit card and shifted to its alternative process.
Russia’s domestic payment system worked, but mostly within the country. It had little acceptance outside of the country, and Americans are strongly advised not to visit. In fact, the U.S. Department of State has this warning posted at their travel site: “Do not travel to Russia for any reason. U.S. citizens are at risk due to terrorism, unrest, wrongful detention, and other threats.” For me, I’d rather sit in sunny Tampa, FL, with my American Express, Discover, Mastercard, and Visa in my hand.
From the sound of it, Russians feel the same way, and in their international travel, stick to countries like Indonesia, Thailand, Turkey, and the UAE. To each its own, I guess.
But despite Mir’s mechanical resilience, delinquencies and interest rates are off the charts. Interest rates are north of 50%, the Russian Central Bank has a fledgling credit score, and only 3.3 million new cards were issued in 2025, against a base of 100 million.
Delinquencies: Da, Off the Charts
According to this Russian news agency, “From October 2024 to April 2025, the total volume of credit card delinquencies in Russia increased by almost 70% and reached 110 billion rubles.” With inflation at the brink of double-digits, consumer life in the Kremlin is not so rosy.
What’s Next
Russia does deserve credit for Mir as a stand-in for credit infrastructure. It lacks the global capabilities of the Mastercard and Visa networks. It also lacks the collaborative support of a global network that helps with credit management and fraud controls. But, almost half a decade later, it is still working. Their home-grown credit scoring isn’t FICO Score-based, but it is better than nothing. For now, the market’s biggest challenge is to control inflation, manage down rates, and improve credit quality.
