Report: Chinese credit card processor rebuffs Russian banks

BEIJING (AP) — A Russian news outlet says China’s credit card processor has refused to work with banks in Russia for fear of being targeted by sanctions over its attack on Ukraine. That cuts off a possible alternative after Visa and Mastercard stopped serving them. RBC reported UnionPay’s decision affects Sberbank, Russia’s biggest commercial bank, and smaller institutions. RBC cited five unidentified sources working in large Russian banks. Mastercard and Visa suspended operations in Russia after the United States and other governments imposed trade and financial sanctions on President Vladimir Putin’s government for its attack on Ukraine. Beijing has criticized sanctions on Moscow, but Chinese companies and banks appear to be complying with trade and financial restrictions.