(We Chinese in America Media Editor Tang Zhao, March 16, 2022) International credit card agencies Visa and Mastercard announced suspension of operations in Russia, (Photo from AP)

International credit card agencies Visa and Mastercard announced they were suspending their Russian operations due to Russia's aggression in Ukraine, and Russian banks said today they plan to use China's UnionPay system to issue credit cards.

Visa and MasterCard announced yesterday that Visa and MasterCard cards issued by Russian banks are no longer valid overseas, and credit cards issued overseas cannot be used in Russia.

Russia's top two banks, Sberbank and Alfa Bank, said they were studying the launch of UnionPay cards.

"Sberbank is studying the issuance of a co-branded Mir-UnionPay credit card. We will inform you of the timetable for the issuance at a later date," Sberbank said in a statement.

Russia's largest private bank, Alfa Bank, said it has been studying the issuance of credit cards with China's UnionPay system.

(Source: Central News Agency)

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