Page 94 - bneIntelliNews monthly country report Russia May 2024

8.1.7 Banks specific issues
Banks are observing an increase in the issuance of Russian "Mir" cards to foreign tourists. Since last year, obtaining "Mir" cards has been simplified for citisens of 25 countries. This is necessary for tourists who are unable to use their own cards in Russia. The bank "YuMoney" reported to "Kommersant" a noticeable increase in card issuance — six times more in the first quarter of 2024 than in the last quarter of 2023. In February, many tourists arrived from China, where there were long New Year holidays. Transactions on these cards increased fourteenfold, mostly involving purchases. Other banks also report growth. 73% of the new "Mir" card clients from "YuMoney" came from China, 6% from Kazakhstan, 5% from the UAE, 3% from Saudi Arabia, and 3% from India. Officially, last year the number of tourists visiting for leisure purposes was three times higher than the year before — 670,000. The company "Intourist" mentioned that half of the tourists are interested in opening cards.
8.1.8 Sberbank news
Russia's state-owned Sberbank announced a first-quarter net profit of $4.32 billion, an 11.3% increase over the same period last year, Reuters reported on April 26.
94 RUSSIA Country Report May 2024 www.intellinews.com