China’s UnionPay cuts off Russian banks over sanctions

China’s UnionPay paymentsystem has stopped accepting cards issued by Russian banks under Western sanctions over fears of penalties, the RBC news website reported Friday, citing financial industry sources.

Demand for UnionPay cards in Russia surged following Visa and Mastercard’s exit in the wake of the invasion of Ukraine. 

A number of major Russian banks subsequently announced plans to issue cards via UnionPay, which has only a small international presence.

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