Avatar

He ran out of Visa, Mastercard and American Express banks



Reading time:<1 minute

Several Russian banks said on Sunday that they would soon start issuing cards using the Chinese card operator UnionPay’s system, coupled with Russia’s own Mir network, after Visa and MasterCard said they were suspending operations in Russia, Reuters reports.

The announcements regarding the transition to UnionPay came on Sunday from Sberbank, the largest bank in Russia, as well as from Alfa Bank and Tinkoff, news.ro reports.

Mastercard and Visa announced on Saturday that they are suspending their services in Russia in protest of the country’s invasion of Ukraine.

Mastercard said on Saturday that Russian banks would no longer be supported by its network and that any cards issued by the company abroad would not work at Russian merchants or ATMs.

Visa has said it will work to stop all transactions in the country in the coming days, and Visa cards issued by financial institutions outside Russia will cease to operate in the country.

On Sunday, American Express announced that it was suspending “all operations” in Russia and Belarus.

The company said it had taken the decision in view of “Russia’s unjustified attack on the Ukrainian people.”

“As a result, American Express cards issued globally will no longer work at merchants or ATMs in Russia. In addition, cards issued locally in Russia by Russian banks will no longer operate outside the country on the global American Express network. We are also concluding all operations related to Belarus, “an American Express statement said.