September 11, 2018 / 8:43 AM / 11 days ago

Alibaba's JV in Russia to use Russia's payment system - RDIF

VLADIVOSTOK (Reuters) - A new joint venture between Chinese e-commerce firm Alibaba and Russian firms will use Russia’s payment system, Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF) said on Tuesday.

The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China July 20, 2018. REUTERS/Aly Song/File Photo

Russia started to develop its own payment system, known as Mir, after western sanctions were first imposed in 2014 over Moscow’s role in the Ukraine crisis.

Mir is used in Russia in addition to international payment systems, including Visa and MasterCard.

Dmitriev said Alibaba’s intention to invest in Russia was important for Russia’s economic growth.

Reporting by Polina Nikolskaya; writing by Tom Balmforth; editing by Jason Neely

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