True Left

Report: Chinese credit card processor rebuffs Russian banks

BEIJING (AP) — China’s credit card processor has refused to work with banks in Russia for fear of being targeted by sanctions over its war on Ukraine, cutting off a possible alternative after Visa and Mastercard stopped serving them, according to the Russian news outlet RBC.

UnionPay’s decision affects Sberbank, Russia’s biggest commercial bank, and smaller institutions, RBC reported Wednesday. It cited five unidentified sources in large Russian banks.
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Other banks cited by RBC include Alfa Bank, VTB, Otkrytie and Promsvyazbank.