BEIJING (AP) — A Russian news outlet says China’s credit card processor has refused to work with banks in Russia for fear of being targeted by sanctions over its attack on Ukraine. That cuts off a possible alternative after Visa and Mastercard stopped serving them. RBC reported UnionPay’s decision affects Sberbank, Russia’s biggest commercial bank, and smaller institutions. RBC cited five unidentified sources working in large Russian banks. Mastercard and Visa suspended operations in Russia after the United States and other governments imposed trade and financial sanctions on President Vladimir Putin’s government for its attack on Ukraine. Beijing has criticized sanctions on Moscow, but Chinese companies and banks appear to be complying with trade and financial restrictions.
BE PART OF THE CONVERSATION
ABC 17 News is committed to providing a forum for civil and constructive conversation.
Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here
If you would like to share a story idea, please submit it here.