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If I remember correctly this blew up when the schemes were not able to comply with Putins requirement of consumer data to be held and controlled domestically. So I suspect this is all about controlling the data of the Russian consumers for governmental purposes. With the co-branding in place then data for all Russian cardholder global transactions may be accessible to the Putin regime.

Well said, totally agree. To much politics again, this topic has been debated for decade or more, but the banks dont want it and the consumers dont need it. We need to keep politics out of payments, the interchange debacle is a good example of why. I already see signs of merchant acquiring fees increasing as a result of poitical intervention!