In February 2023, data from the Scoring Bureau, a credit histories agency, indicate that Russian citizens were issued 1.41 million new credit cards. This figure was reported by the RBC Internet edition, which cited the bureau as the source for these numbers.
With respect to issuance trends, February 2023 saw a drop in the number of credit cards approved by banks in Russia when compared to the peak reached in May 2022, a month in which banks issued 1.44 million cards. The pattern suggests a shift in consumer borrowing behavior during the period following earlier financial fluctuations.
Looking at the longer horizon, the highest monthly total for Russian credit card issuances over the last year occurred in September 2022, when banks issued 1.88 million cards. This peak provides a contrast to the more restrained activity observed in February 2023, illustrating how demand and risk considerations influence lending practices.
During a government address in the State Duma, Prime Minister Mikhail Mishustin noted that all bank cards used by residents prior to the sanctions imposed by Western countries continue to function within Russia. The statement underscored ongoing payment reliability for cardholders amid broader geopolitical developments and financial restrictions affecting cross border activity.
Recent regional discussions include Iran exploring the possibility of launching the Mir payment system in its market. This potential expansion signals interest in diversifying payment rails beyond traditional networks and could affect how cross-border noncash transactions are processed in the future.
In early March, commentary from Ksenia Artemyeva, chief operating officer of the Fast River fintech platform, highlighted that the credit card limit for a consumer is influenced by the individual’s solvency and overall financial wellbeing. The insight aligns with common risk assessment practices used by issuers to calibrate credit lines to a borrower’s capacity to manage debt responsibly.