the Chinese side thus succumbed to fears of secondary sanctions, the news website of the Canadian multinational Royal Bank of Canada (RBC) reported on Friday, citing sources from the financial industry.
UnionPay has refused to cooperate with Russia’s largest bank, Sberbank, and is negotiating with other banks for fear of secondary sanctions, RBC reported in April.
The demand for UnionPay cards in Russia increased sharply after the departure of card transaction processors Visa and Mastercard as a result of the invasion of Ukraine. a number of large Russian banks subsequently announced plans to issue cards through UnionPay, which, however, only had a limited international reach.
On its own initiative, UnionPay limits partnerships with sanctioned banks, RBC quoted an unnamed source from the payment sector.
Russians who have received UnionPay cards from Russian banks are now able to make payments in the USA, Israel, Europe, Asia and the Middle East.
since her arrest she has not joined the sanctions imposed on Russia over its invasion of Ukraine and has refused to criticize Moscow.
Even despite the large amount of energy it buys from Russia, in the end most of the time the furnace sanctions have fallen. It limited the import of cars, smartphones and other commodities into the country.