Russia is turning to microchip manufactures in China to circumvent western sanctions which have boosted demand for bank cards linked to the Mir payment system, an executive with the domestic payment system said. Western sanctions imposed on Russia over its invasion of Ukraine have cut Moscow off the glo
Russia is turning to microchip manufactures in China to circumvent western sanctions which have boosted demand for bank cards linked to the Mir payment system, an executive with the domestic payment system said.
Western sanctions imposed on Russia over its invasion of Ukraine have cut Moscow off the global financial system and from nearly half of its $640 billion in gold and foreign exchange reserves. Oleg Tishakov, a board member with the National Card Payment System , said Russia is facing a shortage of microchips as Asian manufactures suspend production amid a coronavirus pandemic and European suppliers have stopped cooperating with Moscow following sanctions. "We are looking for new microchip suppliers and [have] found a couple in China, with certification process ongoing," Tishakov told a conference on Tuesday, without giving further details. Some of Russia's biggest banks no longer have access to the SWIFT global banking messaging system, and international payment cards Visa and MasterCard have stopped servicing Russian accounts abroad. Mir's connection to Apple Pay was removed last month. NSPK issued over 2 million Mir cards between the end of 2021 and March, according to Reuters calculations based on the system's data, with total cards outstanding now at 116 million. All major Russian banks have reported an increased demand for the domestic card, which some now issue in a co-brand with China's UnionPay, an alternative payment system to Visa and MasterCard for purchases by Russians abroad. Mir cards are also accepted by some banks in Turkey, Vietnam, Armenia, Uzbekistan, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Georgia breakaway regions of South Ossetia and Abkhazia.
Please follow us on Google to support usSingapore Latest News, Singapore Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Germany says West to agree more sanctions on Russia after Bucha killings
Read more »
Ties that bind China and Russia: Statesman
Read more »
Russia says footage in Ukraine's Bucha was 'ordered' to blame RussiaRussia\u0027s foreign ministry said that footage of dead civilians in the Ukrainian town of Bucha had been \u0022ordered\u0022 by the United States as part of a plot to blame Russia. \u0022Who
Read more »
Western diplomats ask China not to separate COVID-positive children from parentsSHANGHAI: Western diplomats have expressed concern about separating children from their parents as part of COVID-19 curbs - a situation that has arisen in Shanghai as the government tries to s
Read more »
Western diplomats ask China not to separate children with Covid-19 from parents
Read more »
EU says it holds Russia responsible for atrocities in Ukraine. Read more at straitstimes.com.
Read more »