Credit cards issued by Russian banks that utilize the Visa and Mastercard payment systems would no longer work outside of Russia after March 9, according to Russia’s central bank, which added that certain local lenders will instead use China’s UnionPay system.
The bank stated that Russian-issued Mastercard and Visa cards would be accepted within Russia until they expired.
According to the bank, the ban also applies to cards issued by local subsidiaries of foreign banks.
Its announcement came after Visa Inc and Mastercard Inc, both based in the United States, announced that they were halting operations in Russia, joining a growing number of companies that are cutting ties with Russia.
Many Russian banks want to issue cards using UnionPay, according to the central bank, which is already available in 180 countries.
While numerous Russian banks already utilize UnionPay, others, such as Sberbank and Tinkoff, may begin offering cards that combine UnionPay with Russia’s local Mir payments system, according to the report.
Thousands of Russians, including vacationers, have been stuck abroad as a result of various nations closing their airspace to Russian planes, and Russia has replied by banning many foreign carriers.
Before the restriction went into effect, the central bank recommended citizens who were currently abroad withdrew cash.
