Russia allowed blocking residents’ credit cards

Beijing. June 28. Silkroadnews - Russian President Vladimir Putin signed a law on countering embezzlement of funds from the bank cards, the Kazakh Telegraph Agency (KazTAG) reports with reference to the Kremlin’s site.
The banks have been allowed to block a credit card without the client’s consent for up to two business days, in case the financial organization has suspicions of embezzling money from the card in case. Also, the banks are obliged to inform the Central Bank about all the cases or attempts of such suspicious transfers, the document released on Wednesday reads.
It is specified, in case of the questionable financial transactions the bank should immediately contact the client by phone or via e-mail. If the transaction is confirmed, the transfer is executed immediately.
In addition to bank cards, financial institutions will be able to block electronic wallet, mobile applications and other types of electronic payments.
The law was adopted by the State Duma on June 5 and then by the Federation Council on June 20 to enter into force 90 days after publication.