Source link : https://london-news.net/putin-backs-e-commerce-in-banks-dispute-over-discounts-and-loyalty-programs/
President Vladimir Putin has expressed his backing for online marketplaces in their conflict with major banks regarding discounts and loyalty programs, as reported on Thursday by the exiled business news outlet The Bell, citing sources familiar with a private meeting he held with business executives.
During a gathering on Wednesday evening, which included leaders from prominent companies, government officials, and Central Bank Governor Elvira Nabiullina, Putin’s viewpoint on the matter was revealed.
Russia’s leading banks, such as Sber, VTB, and T-Bank, are advocating for state regulators to prevent online marketplaces from tying discounts to their own payment systems. They argue that these discounts disadvantage traditional banking institutions when consumers shop online.
In retaliation, prominent e-commerce platforms contend that banks, which have historically provided card-linked cash-back and various incentives within their proprietary systems, are attempting to curb competition in the finance sector.
The Bell reported that Putin praised online marketplaces for their role in mitigating inflation and ensuring the continued flow of Russian products abroad despite Western sanctions, with at least one source indicating that he seemed to support the platforms in their struggle against the banks.
Specifically, the Russian president highlighted e-commerce giant Wildberries, which recently announced plans to expand into Ethiopia.
The Bell suggested that Putin’s apparent…
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Publish date : 2026-01-03 16:45:00
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