Several Russian banks have reportedly announced plans to switch to Chinese card operator system UnionPay, following bans issued by Western counterparts.
Card operators are the latest component of the financial system where Russia faces pressure, with top banks in the nation having announced new plans over the weekend to withstand sanctions.
Sberbank, Alfa Bank and Tinkoff were amongst the major Russian lenders that announced on Sunday that they would switch from existing card operator systems to China’s UnionPay and the local Mir network.
Visa, Mastercard, PayPal
The plans to change card operators in Russia follow closely behind the heels of announced bans from leading Western payment giants.
Hours after PayPal halted services in Russia on Saturday, Visa and Mastercard also followed suit by announcing their own bans.
«Noting the unprecedented nature of the current conflict and the uncertain economic environment, [Mastercard has] «decided to suspend our network services in Russia».
«We are compelled to act following Russia's unprovoked invasion of Ukraine and the unacceptable events that we have witnessed,» said Visa CEO Al Kelly.
