China’s UnionPay Reportedly Suspends Cooperation With Russian Banks Over Fear of Western Sanctions

China’s UnionPay Reportedly Suspends Cooperation With Russian Banks Over Fear of Western Sanctions
UnionPay cards displayed on March 7, 2022. Florence Lo/Reuters
Julia Ye
Updated:

China’s largest credit card brand UnionPay has reportedly suspended its negotiations with Russian banks on issuing new bank cards for their customers over fear of Western sanctions.

According to The Moscow Times, the Chinese credit processor has recently halted talks with some major Russian lenders, including Sberbank, Russia’s largest bank by assets, due to concerns about being implicated in “secondary sanctions.”
Julia Ye
Julia Ye
Author
Julia Ye is an Australian-based reporter who joined The Epoch Times in 2021. She mainly covers China-related issues and has been a reporter since 2003.
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