On Monday, e-commerce leader Ozon dismissed accusations of engaging in unfair competition following reports that the Central Bank of Russia has been supporting major banks in their push for limits on how online marketplaces encourage customers to utilize their own financial services.
The business publication Kommersant reported that Central Bank Governor Elvira Nabiullina suggested implementing a ban on marketplaces providing discounts to customers who opt to pay through their affiliated banks.
According to the report, Nabiullina argued that such practices grant these platforms an “inherent competitive advantage over other market players” in a letter addressed to Economic Development Minister Maxim Reshetnikov.
Ozon, recognized as one of the largest online retailers in Russia, characterized the Central Bank’s proposal as “peculiar” and maintained that it ensures fair access for all banks operating on its platform.
“We have talked to the [Central Bank] about guaranteeing equal access for all banks to our loyalty program,” the company stated to the state-owned news agency RIA Novosti, although it did not clarify if any consensus had been achieved.
The Economic Development Ministry informed Kommersant that it is evaluating Nabiullina’s suggestions but emphasized that the existing platform-economy law in Russia already permits the government to establish pricing regulations for online marketplaces. Any new restrictions on loyalty schemes would need to be analyzed for their potential effects on sellers, consumers, and the overall digital economy.
Last month, major Russian banks, including Sber, VTB, and T-Bank, accused e-commerce platforms of stifling competition by linking discounts to their proprietary payment systems.
Sberbank’s CEO, German Gref, stated on Tuesday that these practices diminish tax revenues and provide online marketplaces with an unfair advantage over traditional retail stores.
Additionally, Nabiullina reportedly contended in her letter that the prices on marketplaces should not vary based on the payment methods selected by customers at checkout.
Meanwhile, e-commerce platforms have asserted that banks are attempting to limit competition as more consumers transition to using financial services linked to marketplaces.
The Association of E-Commerce Companies, which includes Wildberries, Ozon, and Yandex.Market, noted that banks have long utilized cash-back and similar reward programs tied to cards within their ecosystems without facing the same level of scrutiny.
In its response to RIA Novosti on Monday, Ozon announced that it is collaborating with 17 banks “to provide even greater benefits to customers.”
