Visa will need more time to establish itself as part of a new payment system in Russia, though MasterCard expects to meet the April 1 deadline that Russian authorities had established.

Russia set the deadline for foreign card companies to move processing of transactions into the new system or pay a significant security deposit, according to multiple reports.

The new rules came after last year's U.S. sanctions, in which the major card brands were directed to stop serving some Russian banks.

After an easing of those tensions, the card brands took efforts to stay in Russia.

Russia is prepared to work with Visa to get the transition complete in the next month or two, according to a March 27 Reuters report.

"With MasterCard the project is completed, all the banks are signed up," Vladimir Komlev, head of the new payment system, stated in the Reuters article. "With Visa there is a fully fledged project, which has been agreed. Signing up and certifying the banks is under way."

In December of 2014, Visa and MasterCard suspended card operations in Crimea, an area Russia annexed from Ukraine earlier in the year. 

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