DUE TO WESTERN SANCTIONS RUSSIAN DEBIT CARD MAY STOP WORKING
Russian debit card holders are being warned by their institutions that new US and UK sanctions may make it impossible for their cards to be used overseas.
Many Russian banks sent emails to their clients advising them to take money out of accounts linked to UnionPay-branded cards as soon as possible after the US and UK enacted extensive new sanctions authorising the rejection of transactions from a list of Russian financial businesses.
Before the conflict, a few Russian institutions utilised the Chinese payment service UnionPay; more did so when MasterCard and Visa withdrew from the country following the invasion a year prior.
The fines will fully take effect on May 25 according to the US Treasury Department.
According to a bulk email sent by Zenit Bank, which is on the sanctioned list, “operations on your UnionPay card overseas may be banned in the near future,” according to the Russian business news channel RBC. “We advise removing the required amounts as soon as possible.”
Other banks followed suit.
“Take money out of your UnionPay card if you are not in Russia. All cards will function normally within the Russian Federation, but there may be issues outside of the country; it is advised to withdraw cash instead, according to a warning from MTS Bank RUSSIAN DEBIT CARD.
Similar warnings were made by Primorye Bank, Uralsib Bank, and Bank Saint Petersburg. Among the twelve Russian UnionPay auto issuers overall, five are included in the latest list of sanctions.
The sanctions of RUSSIAN DEBIT CARD, in reaction to the ongoing conflict, are intended to halt the flow of funding to Russia’s armed forces, according to Treasury Secretary Janet Yellen.
Yellen stated in a news statement on Friday that “during the last year, we have taken steps with a historic coalition of foreign partners to damage Russia’s military-industrial complex and diminish the income that it uses to support its conflict.”
FAQs
Will my debit card work in Russia?
For example, if you have a Russian debit card, you can only use it on Russian Federation territory. In any other nation, payments won’t be accepted. 2) In order to make purchases or withdraw cash from ATMs, Visa and MasterCard issued by banks in other nations DO NOT WORK in Russia.
Which banks are affected by RUSSIAN DEBIT CARD sanctions?
The 18 organisations listed below are those that have been targeted by the most recent round of sanctions: Alfa-Bank, Bank Rossiya, Bank Otkritie, Black Sea Bank for Development and Reconstruction, Central Bank of the Russian Federation, Credit Bank of Moscow, Gazprombank, GenBank, Industrial Savings Bank, Novikombank, Russia Agricultural Bank.
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