Russian banks that have been cut off from global payments networks are turning to China’s state-owned UnionPay system as the country tries to sidestep boycotts by Western businesses for its invasion of Ukraine.
Visa Inc. and Mastercard Inc. said they are suspending their Russian operations, making it difficult for Russians to buy goods from abroad. The moves by the two companies go beyond sanctions issued against many Russian banks.
Source Article from https://www.wsj.com/articles/russian-banks-turn-to-china-to-sidestep-cutoff-from-payments-systems-11646578489
Comments