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Russian banks rush to switch to Chinese card system

Published 03/06/2022, 02:54 AM
Updated 03/06/2022, 02:55 AM
© Reuters. FILE PHOTO: UnionPay, a Chinese credit card company, displays on the exhibit hall floor during the Money 20/20 conference in Las Vegas, Nevada, U.S. on October 24, 2017. REUTERS/Steve Marcus

(Reuters) - Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator's system coupled with Russia's own Mir network, after Visa (NYSE:V) and MasterCard said they were suspending operations in Russia.

Announcements regarding the switch to UnionPay came on Sunday from Sberbank, Russia's biggest lender, as well as Alfa Bank and Tinkoff.

Latest comments

We are living in the End of Times per Bible prophecy. If you don’t know Jesus start now. There ate NOT many roads to eternal life in heaven, only one, Jesus said, “I am the way, the truth and the LIFE, no one comes to the Father except through me.” “If you have seen me you have seen the Father.” God is spirit, He incarnated himself in the person of Jesus (flesh) so we could understand- God is ONE! It is NOT 1+1+1=3 it is 1x1x1=1Without accepting Christ Jesus as your Savior your eternity is Hell without end, torment and rememberance forever your rejection of Jesus who is God Almighty in the flesh. Everyone will stand before Jesus on the last day and if your name is NOT written in the Book of Life you will be condemned to Hell for rejecting the calling by the Holy Spirit. THINK ABOUT YOUR ETERNAL DESTINY! 🙏heaven or 🔥hell Your CHOICE! Choose wisely! 😘
u never know the way it goes if they start selling petrol in RUBs
this if happens will be very bad for doller. demand for doller would go down substantially
Look at the exchange rate between the ruble and the yuan. The ruble has fallen by 25% in a few days. Putin surrenders to China, Of course, China buys everything. Gets 25% cheaper than a week ago..The ruble note is worthless. Not even suitable as toilet paper
i had union pay and i can tell very few places it works.
Maybe the Chinese should be blocked from using SWIFT. That means the ruble will be connected to the Chinese monies only.  Just another stab in the Back, but what did the world really expect from China.
On one hand it is good as it will further cripple Putin’s economy and slow the evil tyrant of China’s armies growth. On the other hand, it would cause my wife and i to lose our home as most of our income is from business there as much as i hate to admit it.
One Sentence : Oil for Gold and USA is done
Father of Covid and Mother of Rus marries - children of the free world unsafe!
Father of Covid created the biggest 'PUT'  now its Put-In .. evil
see it from the space not from UCRANIA
Qatar gas is the only problem because many banks invested in  gas ship transportation and who going to pay this if Work stream 2 is sucess, two bird with one shot, send more guns at rest Polonia, and the other, what is the comment now
You see. China is winning the game, not usa and russia. It only could make us dollar weaker and weaker
Father of covid one of the greatest curse on humanity …
Russia has become Chinese's b i t c h. Wrong move mister Putin
russia will end up as a vassal state of china. Well deserved
The Chinese and Russians have killed more people than any other group in history
Do not forget Britain 🇬🇧
Stalin Death Total = 20 million. Mao Tse Tung Death Total = 40 million. I’ll take my chances with democracy and capitalism, thank you very much.
 how conveniently you forgot Mr. Churchill's decision to cause the biggest famine in history - 1943 Bengal famine -4M dead . He routed food supply from Bengal to allied forces in Europe. When warned about the repercussions of his decisions he said Indian's are rats and should die!!  Why the rest of the world suffers again and again because of Europe's problem??
- China will act to soak up Russian production of oil and wheat to soften the blow to their “strategic partner”. - This will again be through the Yuan-Ruble facility and at some point overtly-stated gold backing of that system by Russia and China. - The West will of course declare those last two bullets as acts of global aggression and direct threats to the “world monetary system”. - At this point that there will be a clear fracture of the world’s monetary system into 2 competing East/West  structures, circling back to the initial point that the 50 year global petrodollar system has just officially been ended by Putin. If the above analysis is indeed correct,then the threat 2 the petro- $ is no different 2 the time of Charles De Gaulle or Gaddafi,but on larger scale.They can't remove Putin as easy as they did with previous leaders who challenged their fraudulent petrodollar monetary system.
Part 3
How can China, which already has a shortage of energy, exist exclusively on Russian oil and natural gas exports? How then can Russia also supply its own demand? This doesn’t even consider their current food supply or ability to finance the cultivation of their total (and insufficiently small) arable land resources. Beyond that, how would the rest of OPEC+ trade outside a dollar-denominated oil bourse? I’m not suggesting your analysis isn’t possible. I only respectfully question its feasibility.
- This Ukraine invasion just accomplished that end for them. And the West is doing it themselves. -Now, freed to declare themselves SWIFT system outcasts by the western govt hands, Russia can now say “we will turn oil pipelines back on, but not for dollars.” - Russia then declares that Europe or anyone that wants Russian oil (as 3rd largest global producer) or Russian/Ukrainian wheat (1/4 of worlds production) must pay in gold, or use the ruble-yuan gold backed payment system. - Their leverage as an oil producer (who cuts off supply) will cause almost immediate price shocks to the western world. A good part of the population could immediately be unable to heat their homes. - Almost equal to the oil shock they’d cause is their ability to cause food shortages and price spikes through the disruption of wheat production. -Unmentioned in all this is China. Who has been silent & not condemned Russia.That means silent approval & cooperation.
Part 2
Vladimir Putin didn’t just invade the Ukraine on 24/02/2022, he officially ended the petrodollar system. How? Remember, Russians don’t do anything without a plan. They & China have been prepping for this moment for years & are now ready: Russia has stated NATO expansion into Ukraine was a red line. -They knew their invasion of Ukraine would be inevitable and would have strategized that the US/West’s response would be SWIFT $ system exclusions/sanctions. -Reasonable to expect that Russia’s next step would have been to shut off oil/gas pipelines to Europe, as Russia has built up huge Yuan, gold & commodity reserves. -This will cause massive price and supply disruptions (war level) to the western markets & monetary system. - For years Russia & China have looked for ways to re-monetize gold & exit abuses of SWIFT system as a geo-political tool against them, but how to do it, how to exit, without West declaring it an act of aggression or war against West?
Part 1
i think you think too much of Russia China. Everyone makes mistakes.
Remind me who have Russian banks joined up with??  Having a card thats only accepted in the far east and russia is not progress
The bank system of russia will colappse in one week
really.. lets see
i dont think u know anything about finance at all.
I don't think so.
wow talk of unintended consequences
End of Dollar is near!
Ukraine is finish.not come up 50 year
All people of Russia will attach with china
All companies of us and Eu will fail in this war.their share market is going down
haha
you lie. China and Russia will fail because Russian will not sell oil to most part of the world except China and a few Asia countries. Putin is a dictator and will cause problem there watch out
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