MOSCOW—Sberbank said it’s looking at the possibility of issuing cards using Russian payments system Mir and China’s UnionPay after Visa Inc. and Mastercard suspended operations following the invasion of Ukraine.
The move could allow Russians to make some payments overseas, with UnionPay operating in 180 countries and regions, CNBC reported.
Visa and Mastercard said that any transactions initiated with their cards issued in Russia will no longer work outside the country from. Cards issued by domestic banks will continue to work in Russia using its payment system.
Visa and Mastercard have joined the list of international companies suspending activities in Russia in response to President Vladimir Putin’s invasion of Ukraine. The move further isolates Russia’s economy. Cards issued outside of Russia won’t work at ATMs or merchants inside the country, CNBC said, citing reports from the firms.
American Express also said it is suspending operations in Russia as well as Belarus.
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