Russia has passed new legislation requiring foreign payment systems Visa and MasterCard to pay a joint $3.8bn security deposit to work in the country.

As per the new rules, foreign payment systems will have to furnish a security deposit at the Central Bank corresponding to the value of two days of transactions processed in the country.

Both Visa and MasterCard together processed $1.9bn per day in 2013; thereof together they will have to deposit nearly $3.8bn to the Central Bank, as reported by The Moscow Times.

The new rule mandates that the payment systems will have to guarantee the uninterrupted service, as well as to pay a security deposit to the Central Bank as the undertaking of their good behavior.

The recent moves follows US sanctions, which forced Visa and MasterCard to cut services to two Russian banks in March 2014.

The legislation will comes into force on 1 July, after which payment system operators will begin handing over the deposits in quarterly installments worth 25% of one day’s transaction volume.

Visa processes nearly 60% of payments in Russian market, while MasterCard accounts for 35% of payments.

Additionally, Russia is reportedly working to create its own payment system as part of its strategy to restrict the influence the foreign payment processors in the country.