Mar 6, 2022
Visa and Mastercard suspend Russian operations
Shoppers will still be able to use the cards for purchases within Russia until they reach their expiry dates. Earlier, Russia's central bank insisted that all Visa and Mastercard bank cards issued by Russian banks would continue to operate normally on Russian territory. Russia's biggest state-backed bank, Sberbank, said its cards would still work "To withdraw cash, make transfers using the card number, and for payment at offline as well as at online Russian stores". Several Russian banks suggested that they would start issuing cards that use the Chinese UnionPay system, coupled with Russia's Mir payment network, to avoid any impact for consumers. "Bank customers in Russia may be able to keep using the cards until they expire, but the boycott means Russians abroad will see their payments rejected, with the shutting out of some big spenders also likely to hurt a raft of businesses reliant on their custom," she said.
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