Article

2022-03-06 Caucasus/Russia/Central Asia

Visa, Mastercard suspend operations in Russia UPDATE: Russia rolls own with help from China

[IsraelTimes] Card payment giants Visa and Mastercard announce they will suspend operations in Russia, the latest major US firms to join the business freeze-out of Moscow over its invasion of Ukraine.

Mastercard says that "noting the unprecedented nature of the current conflict and the uncertain economic environment," it has "decided to suspend our network services in Russia."

Visa, for its part, says that "effective immediately" it will "work with its clients and partners within Russia to cease all Visa transactions over the coming days."

Update from Reuters at 2:05 p.m. ET, courtesy of The Walking Unvaxed:

Russian banks rush to switch to Chinese card system

Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator's system coupled with Russia's own Mir network, after Visa and MasterCard said they were suspending operations in Russia.

Announcements regarding the switch to UnionPay came on Sunday from Sberbank (SBER.MM), Russia's biggest lender, as well as Alfa Bank and Tinkoff.

Posted by trailing wife 2022-03-06 08:08|| || Front Page|| [19 views ] Top

#1 Just asking ... if Russia wins and the LSD's whimp out. Will MC/VISA stick to the ban?

Posted by NN2N1 2022-03-06 09:11|| 2022-03-06 09:11|| Front Page Top

#2 And just like that it got to be internationally cool to steal peoples' money.

Posted by Cesare 2022-03-06 09:46|| 2022-03-06 09:46|| Front Page Top

#3 ..neener, neener.

Posted by Procopius2k 2022-03-06 09:48|| 2022-03-06 09:48|| Front Page Top

#4 India kicked out Mastercard for distributing even local payment records across its offshore servers.

Posted by Dron66046 2022-03-06 13:58|| 2022-03-06 13:58|| Front Page Top

#5 #1 The question is, will Russia allow them back in? And will other countries, now that they have proven themselves so unreliable?

Posted by Spaish Johnson6995 2022-03-06 15:11|| 2022-03-06 15:11|| Front Page Top

#6 The real question is - if the Chinese one is so good, why did they wait till now to switch over?

Posted by Procopius2k 2022-03-06 16:53|| 2022-03-06 16:53|| Front Page Top

#7 Over at Insty from Wretchardthecat.

Posted by Procopius2k 2022-03-06 19:19|| 2022-03-06 19:19|| Front Page Top

#8 I'd suggest you read the terms of your new Chinese credit card agreement very carefully.

Posted by Matt 2022-03-06 19:36|| 2022-03-06 19:36|| Front Page Top

#9 ^ "Wait...whut?"

Posted by Frank G 2022-03-06 19:37|| 2022-03-06 19:37|| Front Page Top

#10 ^ "Remedies in the event of late payment shall include, without limitation, service as a eunuch in the Court of Emperer Xi..."

Posted by Matt 2022-03-06 20:10|| 2022-03-06 20:10|| Front Page Top

#11 *shit. I KNEW it*

Posted by Frank G 2022-03-06 20:27|| 2022-03-06 20:27|| Front Page Top

#12 Confucius ask, "Chip on Visa always suggestive of turtle plastron, or is that just me?"

Posted by Vinegar Elmuse7192 2022-03-06 20:37|| 2022-03-06 20:37|| Front Page Top

#13 Prolly shouldn't say anything about the coming rise of the Great Chelonian Empire. Hush, hush and all that.

Posted by SteveS 2022-03-06 21:29|| 2022-03-06 21:29|| Front Page Top

#14 Quite the comedown for Russia to be China's houseboy. Especially given the considerable Russian and Chinese racism.

Posted by Angaiper Ulavins1210 2022-03-06 21:57|| 2022-03-06 21:57|| Front Page Top

#15 Quite the comedown for Russia to be China's houseboy. Especially given the considerable Russian and Chinese racism.

I've been a houseboy in my time. Time honored profession.

Posted by badanov 2022-03-06 22:01|| 2022-03-06 22:01|| Front Page Top

#16 China and Russia ?

Nie ver reis die dik kak lopies nie.

Thick dung doesn't travel far. They despise one another.

Posted by Besoeker 2022-03-06 22:08|| 2022-03-06 22:08|| Front Page Top

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