Russia Partners With China After Sanctions

After Russia invaded Ukraine with a decision that will go down in history last week, many countries and companies announced their decisions regarding attacks. Used by millions of people around the world finance companies also announced that they were on the side of the international community by suspending their services in Russia.

In the news yesterday, it was stated that PayPal, the world’s largest online payment platform after Apple Pay and Google Pay, stopped its services in the country. Today, giant financial companies Mastercard and Visastated that after Russia’s unacceptable occupation of Ukrainian territory, it suspended its operations. Now the news has shown what kind of path Russia plans to follow after these sanctions.

Russia plans to partner with China after sanctions

According to the statements made by Russian banks, after the decision of Visa and Mastercard, Russia became more interested in payment systems. Chinese Prepares to cooperate with In the statements made by the country’s largest bank Sberbank; Russian payment system ‘Mir’ with Chinese’UnionPay’ It was stated that work has started for the cards that will be issued jointly by the payment system.

Alfa-Bank, another major bank in Russia, also stated that they are preparing to establish a partnership with ‘UnionPay’ and issue cards, and that the system in 180 countries stated that it can be used. Another big Russian bank, Tinkoff, also noted in his statements that the works for the ‘Mir’ and ‘UnionPay’ cards are continuing.

If we talk about these payment systems; ‘Mir’ is a system launched by the Central Bank of Russia in 2017. electronic money transfers used for a service. China’s bank card services network ‘UnionPay’, which has been on the market for nearly 20 years, is used by more than 2,500 institutions all over the world and has so far belonged to this system. from 7 billion more It is stated that the card has been removed.