Russian banks under sanctions will not be able to issue UnionPay cards
Wednesday, 20 April, 2022, 22:24
According to RBC, large Russian banks, which are under blocking sanctions from Western countries, will not be able to issue UnionPay cards. The Chinese payment system is afraid to cooperate with them because of the risk of secondary sanctions.This was told immediately by five sources in large banks, including those that fell under sanctions. This decision of the Chinese payment system was announced at a closed meeting, so Sberbank will not issue these cards. The possibility of issuing a UnionPay card was also considered by Alfa-Bank, Otkritie, and VTB.
Sovcombank also wanted to start issuing a Halva card based on UnionPay, but the idea was abandoned, because the use of any cards of sanctioned banks abroad is futile. Banks from countries that have imposed sanctions on Russian banks do not service their cards, regardless of the payment system. UnionPay continues to cooperate with banks that have not been sanctioned. Earlier, Visa and Mastercard suspended their work in Russia due to a special operation in Ukraine.
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