The Russian central bank said yesterday (March 6) that local financial institutions are preparing to turn to UnionPay, China’s payment network, has been sanctioned by Visa and MasterCard. This will prevent both types of credit cards issued by Russian banks from being used abroad after March 9.
The ban will also apply to Visa and Mastercard cards issued by Russian local financial institutions that are affiliated with foreign banks. The Russian central bank confirmed that Visa and MasterCard holders can continue to use it in Russia. until the card expires
The announcement comes after Visa and Mastercard, the major US payment network operators, announced the release of the announcement. Notice of termination of service in Russia Like many of the world’s leading companies cut business ties with the White Bear. to protest the military invasion of Ukraine
The Russian central bank also said Many Russian banks are preparing to issue UnionPay cards to their customers. which will be available in 180 countries
Although many Russian banks are already using UnionPay, But other big banks such as Sberbank and Tinkoff are expected to soon start issuing joint credit cards between UnionPay and Mir, Russia’s own local payment system.
At this time, there are still many Russians stranded abroad. After many nations announced that the airspace would be closed to Russian planes from passing. And Moscow retaliated by banning many foreign airlines from entering its airspace.
Russia’s central bank advises foreign residents to withdraw cash before the sanctions take effect
source: Archyde.com