Posted on 03/06/2022 5:09:40 PM PST by E. Pluribus Unum
The Central Bank of the Russian Federation announced on Sunday that several banks will switch to the Chinese card system following the suspension of Visa, Mastercard, and Paypal in Russia.
It can be recalled that Visa, Mastercard, and Paypal announced on Saturday they will suspend all operations in Russia.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Al Kelly, chairman and chief executive officer of Visa Inc.
On Sunday, several banks in Russia will start to issue new cards with the new Russian payments system “Mir” and China’s UnionPay.
According to far-left Wikipedia, “Mir does not itself issue cards, extend credit or set rates and fees for consumers rather Mir provides financial institutions with Mir-branded payment products that they then use to offer credit, debit, or other programs to their customers.”
Bloomberg reported:
Sberbank PJSC said it’s looking at the possibility of issuing cards using Russian payments system Mir and China’s UnionPay after Visa Inc. and Mastercard Inc. suspended operations following the invasion of Ukraine.
(Excerpt) Read more at thegatewaypundit.com ...
In Russian social media, people are saying that prices for goods from China are going up
The Chinese are going to extract every last bit of value using the bargaining power they now have over Russia
“I think that’s one of Putin’s goals. Partnering with China to create an EurAsia empire. And with Iran to create a new Persian Empire.”
Agreed, I think that is Putin’s plan. The problem for him is I don’t think that is China’s.
I think China is intending to create an Asian empire with Russia and Iran as loyal vassal states.
Just my luck, I don’t have black privilege.
I agree with your analysis.
China looks like the big winner here.
Russia will be a nice supplier of energy and materials for them.
Sanctions will degrade the position of the Dollar as a reserve currency. Here is a chunk in the armor, more to come.
China would probably be happy to partner with Putin. At least until after they breakup the EU and NATO. After all, Putin is getting up there in Russian years and won’t live forever.
Its absolutely bizarre, isn't it?
Your friend is SOL, BB
I don’t have any experience in the market, just observations. It seems like their business model of skimming from people’s transactions is ripe for disruption by the likes of Square and Lightning Network.
Sanctions will degrade the position of the Dollar as a reserve currency. Here is a chunk in the armor, more to come.
———-
Well said. Russian companies are also rising up, sanctioning the west. Titanium, steel, platinum, wheat, barley…..Rolls, Airbus, Boeing in a panic. 95 percent of titanium has come from Russia, Boeing’s titanium forges in Russia will take a few plus to replace. Russia’s rocket engines we buy and use have been told prepare for “ sanctions”….
How much does Mir or ChinaPay skim off when you’re not looking ?
Agreed. Our leaders, corporate and political, if there is a difference, are dumb. This is not to condone Russia’s behavior - it is evil, but the long term consequences of driving Russia into China’s arm is not good.
“SpaceX boss Elon Musk mocked Russia as the country said it would stop providing rocket engines to the United States in retaliation to sanctions placed on it for invading Ukraine.
The boss of state space agency, Dmitry Rogozin, was ridiculed by Mr Musk after suggesting that the US would have to go into orbit on “their broomsticks.”
“American broomsticks,” taunted Mr Musk on Twitter as he posted a video of SpaceX’s Falcon 9 rocket launching another 47 Starlink satellite into orbit.
Mr Musk appears to have riled the Russian government after activating the SpaceX satellite-internet system over Ukraine in response to a request from the embattled country’s leadership.
The entrepreneur has also publicly offered Ukraine advice on how best to stay connected to the internet during the Russian invasion.
Mr Rogozin told Russian state television: “In a situation like this we can’t supply the United States with our world’s best rocket engines. Let them fly on something else, their broomsticks, I don’t know what.”
He said that Russia had delivered 122 RD-180 engines to the US since the 1990s, of which 98 were used to power Atlas launch vehicles…”
https://www.yahoo.com/lifestyle/elon-musk-taunts-russia-stop-101815719.html
So with everything else Russia is paying for, China will pick up all that consumer debt?
Russia will run rings around the sanctions until they really get serious about shutting down trad
I’ve been looking, and I don’t see that anywhere.
Clearly not a win for VS/MC.
What, do they just write this off?
and more, what about folks in other countries - who fear they may be next?
Think about... once this new system is set up, how many folks around the world may think of jumping ship?
they had a lot of monopoly time.
Discover was the first strike against their inbred monopoly,
then later Musk caught them by surprise with the paypal/ebay thing.
the profits are still obscene, and if you dig a little where they lead could be interesting.
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