Caixin
Mar 07, 2022 03:41 PM
FINANCE

Russian Banks Turn to China as Visa, Mastercard Cut Business

The headquarters of Bank Rossii, Russia’s central bank, in Moscow on Feb. 28. Photo: Bloomberg
The headquarters of Bank Rossii, Russia’s central bank, in Moscow on Feb. 28. Photo: Bloomberg

(Bloomberg) — Sberbank PJSC said it’s looking at the possibility of issuing cards using Russian payments system Mir and China’s UnionPay after Visa Inc. and Mastercard Inc. suspended operations following the invasion of Ukraine.

The move could allow Russians to make some payments overseas, with UnionPay operating in 180 countries and regions. Visa and Mastercard said that any transactions initiated with their cards issued in Russia will no longer work outside the country from March 10.

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