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China’s UnionPay Wary of Deals With Russian Banks – RBC

Risk of secondary sanctions over Moscow’s invasion of Ukraine keeps UnionPay from cooperating with sanctioned Russian banks


Unionpay
Russian banks that issued UnionPay cards or planned to do so are forced to abandon such projects, RBC said. Photo: Reuters.

 

Russian banks that have become targets of economic sanctions will not be able to issue cards using China’s UnionPay system, the Moscow-based RBC business daily reported on Wednesday.

UnionPay is wary of cooperating with sanctioned Russian banks due to the risk of secondary sanctions over Moscow’s invasion of Ukraine, the publication cited sources as saying.

 

Read the full report: RBC.

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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