The seven largest Russian banks accounted for about 10.2 percent of all global card payments in 2022, totaling roughly 47.7 billion transactions. This figure is cited from the Nilson Report and reflects a sizeable footprint in international card networks. Analysts view this share as an indicator of Russia’s prominent role in card-based commerce, even as the landscape shifted in the wake of foreign payment system changes across the region.
Compared with 2021, the volume rose by 9.6 percent, underscoring growing domestic activity and the resilience of the Russian payment ecosystem. Yet in the broader ranking of the world’s top 150 buyers of payment services, Russian banks’ share slipped slightly from 10.4 percent to 10.2 percent. Experts attribute this moderation to the withdrawal of Visa and Mastercard from the Russian market, which effectively redirected processing to domestic and alternative international channels. Within this evolving framework, Sberbank stayed at the forefront by handling the highest number of transactions, securing a top three position globally. Following Sberbank, VTB, Gazprombank, Alfa-Bank and Russian Standard emerged as other major players driving large-scale card activity.
Among the large Russian banks, Sberbank, Alfa-Bank, and Russian Standard demonstrated solid annual gains in transaction volume, signaling improved reach, customer activity, and cross-border payment capabilities. Conversely, several other large buyers reduced their processing volumes, reflecting market adjustments after systemic shifts and the reconfiguration of payment flows. The overall trend points to a more concentrated leadership in the Russian market, paired with ongoing diversification of the payment infrastructure across domestic and international networks.
In August, the Central Bank of the Russian Federation approved a new system designed to facilitate cross-border money transfers. This development marks the third cross-border transfer mechanism authorized by the regulator in 2023, highlighting Russia’s strategic emphasis on expanding its external payment links while maintaining control over settlement processes. The new framework aims to streamline international remittances, improve speed, enhance transparency, and bolster security for participants in global settlement rails. Together with existing domestic payment rails, it forms part of a broader push to modernize the country’s financial infrastructure and support international trade and financial flows in a rapidly changing global environment.
The broader context for these moves includes ongoing discussions about international payment interoperability, the role of national payment systems, and the interplay between global card networks and local options. For banks, the evolving landscape presents opportunities to optimize settlement times, reduce costs, and tailor services for customers who engage in both domestic and cross-border transactions. It also means banks must adapt to new compliance requirements, risk management practices, and technological upgrades that accompany a more interconnected and fast-paced payments ecosystem. In this setting, the performance of the largest Russian banks remains a key indicator of how effectively the country can balance domestic financial stability with expanding international financial activity.