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, Reuters reports.
Announcements regarding the switch to UnionPay came on Sunday from Sberbank, Russia’s biggest lender, as well as Alfa Bank and Tinkoff.
All Visa did by dropping out of Russia was hurt their business and virtue signal. It drove Russia closer to China.
“Strategically irrelevant.” https://t.co/uIaW4PjeAr pic.twitter.com/JzH3seipxV
— Arthur Schwartz (@ArthurSchwartz) March 6, 2022
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