Russian banks consider China UnionPay cards after sanctions

LONDON (AP) — Leading Russian banks are looking into issuing cards that operate on a Chinese payment system after Visa and Mastercard said they would cut their services in Russia over the invasion of Ukraine. Sberbank and Tinkoff Bank say they’re considering the possibility of payment cards powered by China’s UnionPay system. They told users that Visa and Mastercard will work within Russia but will stop working for payments outside the country after Wednesday. Russian banks are scrambling to find new ways to facilitate cross-border payments after a host of foreign companies suspended financial services, part of a larger move by the West to isolate Russia and cut it off from the global financial system.