Russian Banks Clarify Their Position on Regulating Marketplace Discounts

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Major Russian banks (Sberbank, VTB, Alfa-Bank, T-Bank, and Sovcombank) have clarified their position regarding discounts on marketplaces. According to bank representatives, their appeal to the State Duma was misinterpreted. This information was reported by "Kommersant", citing the press services of the credit institutions.

They stated that they do not advocate for a ban on discounts on marketplaces but, on the contrary, support their expansion for a broader range of consumers, equal conditions, transparency, and predictability of market rules. In their opinion, access to discounts and promotions should be provided equally to all buyers, regardless of the chosen bank or method of payment for goods.

- We act openly and in the interests of our clients and are ready for constructive dialogue with the regulator and marketplaces to develop solutions that will preserve benefits for buyers and ensure fair competition, the authors of the initiative said.

• It was previously reported that major Russian banks had sent a letter to the State Duma proposing to regulate issues concerning loyalty programs of marketplaces.