Image credit:Visa.com
Visa, the global financial services corporation, has registered new trademarks in Russia, sparking speculation that the company may be preparing for a renewed presence in the Russian market. The move comes nearly two years after Visa suspended its operations in the country in response to the conflict between Russia and Ukraine and subsequent Western sanctions.
In March 2022, Visa, along with its rival Mastercard, halted its services in Russia. This decision restricted Russian cardholders from using their Visa cards internationally and cut off Russian banks from accessing Visa’s global network. The suspension was part of a broader wave of sanctions imposed by Western companies and governments following Russia’s military intervention in Ukraine.
Despite these challenges, Visa has recently taken steps that suggest it may be eyeing a return to the Russian market. According to Russia’s patent office, Rospatent, Visa has filed for a series of new trademarks in the country. While Visa has yet to make any official statements regarding a relaunch of operations in Russia, these filings have prompted widespread speculation among financial analysts and industry insiders.
Visa’s trademark applications in Russia could be interpreted as part of a long-term strategy to retain its brand presence, despite the ongoing geopolitical tensions. The registrations could also allow Visa to legally protect its intellectual property in Russia, safeguarding it from potential infringement by local competitors during its operational hiatus.
This development comes at a time when Russia has been working to boost its domestic payment system, Mir, which has expanded in response to the exit of international card networks like Visa and Mastercard. Mir has gained traction within Russia and in several other countries, particularly in Asia and the Middle East.