NEW YORK—Will U.S. sanctions on Russia impact U.S. consumers payments?
That’s possible, according to a new report from the New York Post that states Russian banks are warning debit card holders that new sanctions from the U.S. and U.K. could mean their cards stop working abroad.
Emails from multiple Russian banks urging their customers to withdraw money from accounts linked to UnionPay-branded cards as soon as possible came one day after the U.S. and U.K. implemented sweeping new sanctions authorizing the rejection of transactions from a list of Russian financial institutions, the Post reported.
“UnionPay is a Chinese payment system that some Russian banks were using before the war, and more turned to it after Mastercard and Visa pulled out of the country following the invasion a year ago. The sanctions are set to fully kick in by May 25, according to the U.S. Treasury Department,” the Post said.
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