President Vladimir Putin has expressed his backing for online marketplaces in their conflict with major banks regarding discounts and loyalty programs, as reported on Thursday by the exiled business news outlet The Bell, citing sources familiar with a private meeting he held with business executives.
During a gathering on Wednesday evening, which included leaders from prominent companies, government officials, and Central Bank Governor Elvira Nabiullina, Putin’s viewpoint on the matter was revealed.
Russia’s leading banks, such as Sber, VTB, and T-Bank, are advocating for state regulators to prevent online marketplaces from tying discounts to their own payment systems. They argue that these discounts disadvantage traditional banking institutions when consumers shop online.
In retaliation, prominent e-commerce platforms contend that banks, which have historically provided card-linked cash-back and various incentives within their proprietary systems, are attempting to curb competition in the finance sector.
The Bell reported that Putin praised online marketplaces for their role in mitigating inflation and ensuring the continued flow of Russian products abroad despite Western sanctions, with at least one source indicating that he seemed to support the platforms in their struggle against the banks.
Specifically, the Russian president highlighted e-commerce giant Wildberries, which recently announced plans to expand into Ethiopia.
The Bell suggested that Putin’s apparent preference for online marketplaces might be influenced by his close ally Yury Kovalchuk, who is said to have ties to several major e-commerce platforms through various acquisitions.
Maxim Oreshkin, Deputy Chief of Staff to the Kremlin, was also noted as a strong advocate for these marketplaces. Last year, Putin assigned Oreshkin the task of overseeing the merger between Wildberries and the outdoor advertising company Russ Group, now rebranded as Wildberries & Russ (RWB).
Alexander Shokhin, the president of the Russian Union of Industrialists and Entrepreneurs—a significant lobbying organization—reported that Putin urged both banks and e-commerce companies to resolve their issues through “fair competition.”
According to The Bell, Nabiullina, who has previously shown support for the banks’ stance, ultimately echoed Putin’s appeal for “fair competition” and a “balance of interests.”
