Chinese payments system cuts off Russian banks

RUSSIA / FSU POLITICS - In Brief 02 Sep 2022 by Alex Teddy
On September 2 the Russian news site RBC reported that UnionPay is no longer accepting Russian bank cards because UnionPay is worried about secondary sanctions. UnionPay has not made any official statement. Many Russians had obtained UnionPay cards after Visa and Mastercard left Russia. UnionPay has a limited world presence but it was a lifeline to Russians who otherwise could not make international payments. In April 2022 UnionPay declined to collaborate with Sberbank and broke off talks with other Russian banks. Russians have reported that it is sometimes impossible to use UnionPay cards in the EU, USA, Israel or other Asian countries. China is being far less supportive to Russia than was hoped. Chinese vehicles and smartphones sales to Russia are falling.  Chinese companies are not being very helpful to Russia but China is pursuing self-interest. China has not spurned Russia and has never criticized Russia or voted against in relation to Ukraine. China is buying more Russian oil and gas than ever. There are no Chinese sanctions on Russia. 

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