Russia’s Sberbank replaces Visa and Mastercard with MIR backed by Chinese UnionPay

Russia is now in partnership with China to use its card for transactions

Russia’s Sberbank replaces Visa and Mastercard with China’s Unionpay after the cards stopped transactions in Russia over Ukraine invasion

There are reports that Russia’s Sberbank, which is the country’s state owned bank will replace VISA and Mastercard a new MIR card system which would be in partnership with China’s UnionPay.

China earlier said it was going to stop all Premier League games from being watched on the country’s TV channels in solidarity for Russia. Read more

VISA and Mastercard announced that they will no longer do their transactions in Russia after President Putin invaded Ukraine with Russian troops. Now Russian businesses can do transactions without relying on VISA and Mastercard. Russian authorities earlier said all companies boycotting Russia would no longer have the chance to do business in the country because their competitors will replace them in the future.

Russian banks are said to switch to Chinese card system, UnionPay hours after VISA Card and Mastercard announced they were leaving the Russian market.

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“Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay and operator’s system which would be fully supported by ruRuss’s own MIR network” Reuters also report.

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