Credit cards issued by Russian banks using Visa and Mastercard payment systems will stop working abroad from March 9, Russia’s Central Bank said on Sunday, adding that some local financial institutions would seek to use the system. UnionPay from China.
According to the entity, the overseas ban also applies to cards issued by local subsidiaries of foreign banks.
The announcement came after US payment companies Visa and Mastercard announced the suspension of operations in Russia, joining the list of companies cutting business ties with Russia.
The Central Bank added that many Russian banks plan to issue cards using UnionPay, a system it said is enabled in 180 countries.
While several Russian banks already use UnionPay, others, including Sberbank and Tinkoff, may start issuing cards with Russia’s domestic payment system with UnionPay, he added.
Mastercard and Visa cards issued in Russia would be accepted within the country until expiration, the bank said.
To try to reassure their customers, Russian banks also announced on Sunday that they were working on issuing UnionPay cards. Companies have acknowledged that Russians traveling abroad will have a harder time. “If you are abroad, we recommend that you withdraw cash,” said Alfa Bank.
(with AFP)
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