Under Resolution of the Government of the Russian Federative Soviet Republic (later the Government of Russia) from November 15, 1991 (Resolution № 8) the Ministry of Finance was liquidated and its businesses and organizations transferred to the Ministry of Economy and Finance of the Russian Soviet Federative Socialist Republic.

Because of its annexation of Crimea, a number of Western countries aimed sanctions at Russia, with personal financial transactions by certain Russian individuals proscribed.

On 24 March, MasterCard and Visa declined to permit transactions at these banks for a number of hours, ostensibly because they had misinterpreted the sanctions document.

[4][5][6] Anton Siluanov, then-current Minister of Finance, told reporters on 26 March that he had revived plans to develop a Russian alternative card payment system to cut its dependence on Visa and MasterCard after these disruptions in their service.

[7] Siluanov said that "The payments restriction by Visa and Mastercard at one bank made us start thinking very seriously how we can secure ourselves against this kind of cases.