- Nov 22, 2015
- Reaction score
- Political Leaning
As agreed in advance, China has Russia's back financially, which will completely nullify any attempts by Western sanctions:
The move by some Russian banks to use China’s state-owned UnionPay system could signal a shift toward greater cooperation between the two countries to help Moscow find alternative ways to connect to the global financial system.
Russian Banks Turn to China to Sidestep Cutoff From Payments Systems
Sberbank, Alfa Bank and Tinkoff Bank said they are working on the possibility of issuing cards powered by China’s UnionPay
Russian banks that have been cut off from global payments networks are turning to China’s state-owned UnionPay system as the country tries to sidestep boycotts by Western businesses for its invasion of Ukraine.
Visa Inc. and Mastercard Inc. said they are suspending their Russian operations, making it difficult for Russians to buy goods from abroad. The moves by the two companies go beyond sanctions issued against many Russian banks.