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Visa, Mastercard suspend operations in Russia UPDATE: Russia rolls own with help from China
[IsraelTimes] Card payment giants Visa and Mastercard announce they will suspend operations in Russia, the latest major US firms to join the business freeze-out of Moscow over its invasion of Ukraine.Mastercard says that "noting the unprecedented nature of the current conflict and the uncertain economic environment," it has "decided to suspend our network services in Russia." Visa, for its part, says that "effective immediately" it will "work with its clients and partners within Russia to cease all Visa transactions over the coming days."
Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator's system coupled with Russia's own Mir network, after Visa and MasterCard said they were suspending operations in Russia. Announcements regarding the switch to UnionPay came on Sunday from Sberbank (SBER.MM), Russia's biggest lender, as well as Alfa Bank and Tinkoff. Posted by: trailing wife 2022-03-06 |
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