London — Credit cards issued by Russian banks using the Visa and Mastercard payment systems will no longer work abroad after 9 March. The Central Bank of Russia added on Sunday that some local lenders would consider using China’s UnionPay system instead.
Banks said MasterCard and Visa cards issued in Russia will be accepted in Russia until they expire.
The bank said the foreign ban also applies to cards issued by local subsidiaries of foreign banks.
The announcement was made by Visa Inc, a US settlement company. And Mastercard Inc. Was done after announcing that it had suspended its business in Russia and joined the list of companies that have broken its business link with Russia.
The central bank added that many Russian banks plan to use UnionPay to issue cards. This is a system that is valid in 180 countries.
Some Russian banks are already using UnionPay, but other banks, including Sberbank and Tinkov, may start issuing cards that jointly badge UnionPay with Russia’s domestic meal payment system. I added.
Thousands of Russians, including vacationers, are stuck abroad after many countries have closed airspace to Russian aircraft while Russia is retaliating against the flight bans of many foreign airlines.
The central bank has advised citizens currently abroad to withdraw cash before the ban comes into force.