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Finance

China's UnionPay shuns Russian banks as sanctions force caution

Bank card company forgoes new opportunities to maintain global connections

UnionPay had drawn interest in Russia as an alternative to Visa and Mastercard.   © Reuters

BEIJING -- Even as China continues to distance itself from Western sanctions, the measures are affecting business decisions by companies like China UnionPay that worry about potentially being caught in the sanctions net themselves.

The bank card services provider has refused to work with Sberbank, Russia's largest bank, and halted talks with other Russian financial institutions targeted by sanctions, forcing them to scrap plans to issue UnionPay cards, according to local media.

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