Russian Banks to Replace VISA and Mastercard with New “Mir” System in Partnership with China’s Union Pay

The Gateway Pundit ^ | March 6, 2022 at 5:30pm | Jim Hoft

[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.

[BiglyCommentary]

If contracts say the debt is contracted for dollars or euros, it doesnt matter what meglomaniac Putin decrees. It will be considered a default if paid in rubles.