China Deals Major Blow to Russia with Payments Ban

News Snapshot:

Russians have reported issues using China's payment system UnionPay, which was widely touted in Russia as an alternative to Visa and Mastercard after the card payment companies pulled out over the war in Ukraine. UnionPay cards linked to the Huawei Pay service have stopped working in Russia, local news portal 66.ru reported on Tuesday, citing users who say they have been unable to make payments. The Moscow Times said that the restrictions may be the result of U.S. sanctions against Russia's National Payment Card System (NSCP), which processes all UnionPay card transactions in the country. Russia's President Vladimir Putin (R)...