OREANDA-NEWS There may not be enough Russian chips for bank cards if demand grows, Alexander Baranov, Candidate of Economic Sciences, told FBA Economics Today. So far, there is no acute shortage, but it is now more difficult to import chips from other countries. Moreover, difficulties arose not only because of the situation in Ukraine, but also because of the global deficit after the start of the pandemic, the economist noted.

"Russian banks today use chips that are mainly produced in Korea and China. In the Russian Federation, there is only one chipmaker company that produces microchips, and of course there is a possibility that if demand continues to grow, then the company's capacity will not be enough", Baranov said.

The appearance of manufacturers from China on the Russian market will satisfy demand, create “right competition” and boost production, he added. But Chinese companies will not be able to start work "already tomorrow"; they still need to be certified.

The fact that Chinese manufacturers of bank cards may be allowed into the Russian market was previously reported by Kommersant, citing its sources. It is noted that the Ministry of Industry and Trade of the Russian Federation, together with the Central Bank, held meetings with the participation of domestic card manufacturers.