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Russian banks mull China UnionPay; big accounting firms exit

KIFI

LONDON (AP) — Leading Russian banks are looking into using a Chinese payment rival after Visa and Mastercard suspended operations over the invasion of Ukraine. All the big global accounting firms also said they would pull out of Russia in the latest corporate fallout. Sberbank and Tinkoff Bank say they’re considering the possibility of payment cards powered by China’s UnionPay system. They told users that Visa and Mastercard will work within Russia but will stop working for payments outside the country after Wednesday. Meanwhile, Ernst & Young and Deloitte cut ties with their operations in Russia on Monday, a day after KPMG and PricewaterhouseCoopers did so.

Article Topic Follows: AP National Business

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Associated Press

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