Master card, Paypal, America express suspending services to Russians

[adaseb]

Here is the issue with all these sanctions. Unless China also starts these sanctions then I don’t think the Western countries sanctions will do anything since you can pretty much get anything from China these days.

They make clothes, they make cars, they make electronics, they make food, they make everything pretty much. So unless China also starts to sanction Russia, I think the country will do just fine.

They already said they will nationalize all these factories that closed down. Will most likely get the supplies from China where they come from anyways and make their own brand. I think this Putin guy thought of everything.

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[19Nov16]

Gradually various financial services were suspended, of course this made it difficult for consumers residing in Russia, we hope that Russia will immediately stop the invasion so that it does not have an economic impact and sanctions in the long term.

[Lucius]

Here is the issue with all these sanctions. Unless China also starts these sanctions then I don’t think the Western countries sanctions will do anything since you can pretty much get anything from China these days.

They make clothes, they make cars, they make electronics, they make food, they make everything pretty much. So unless China also starts to sanction Russia, I think the country will do just fine.

We all know that China has no intention of ever imposing sanctions on Russia, because they are big and strong enough to pursue their policies, and the US and the EU depend on China far more than on Russia. It is also true that almost everything is produced in China today, but little of it is some kind of branded goods that are recognizable globally. When it comes to their goods, I can buy a smartphone or a smartwatch, but everything else is of very questionable quality, not to mention how many products are withdrawn from the market every day because they pose a danger to human health.

Russia is obviously playing on two key cards, one is China and the other is India trying to stay neutral, but as one of the more important US allies, it will have to choose a side. However, I do not think that Russia can preserve its economy and prosper without markets such as the US or the EU - this is a market of over 800 million people who have far more purchasing power than the rest of the world.

[avikz]

With all the sanctions getting imposed on Russia, may become an opportunity for them instead of a loss. Russia can go ahead and adopt China's strategy of becoming self reliant. For international transactions, they can adopt cryptos, they can develop their own payment system for inter-banking transactions, they can build their own version of Google or Microsoft, they can have their own version of whatsapp, they can create their own version of Coke Cola so on and so forth.

It's just depends on the mindset of Russian government whether they want to promote such innovations or not. But looking at the turn of events, they might!

[LUCKMCFLY]

Well the case of Russia with respect to Masterd Card and Visa is something that should be expected, if there was no swift connection it was something obvious, for now what Russia must do is survive through crypto, these types of regulations have been applied to Venezuela for a couple of years, at first it affected a lot, especially those who were used to requesting a type of credit, then the economy stopped being credit to be much rougher, everything you want must be paid in full and that ended up ending credits to companies, institutions and others, currently what they want to implement is credits through BTC, it is not something completely safe yet but that is what is heard, on the other hand in Russia they will have support from of China, and more now that they want to end the hegemony of the dollar that has been dominating after the second world war.

[Vatimins]

     I believe that there is more to come. I just hope that Putin will come to his senses because at this point, he isn't only making the Ukrainian people suffer. He also makes the lives of his Russian countrymen a living hell along with the ones that doesn't even want the war to happen. These very people that trusted him that he as their leader by the power granted to him by the people, should serve and protect. Putin is fighting a nonsensical war that brings nothing but suffering to everyone involved. Sigh..

[livingfree]

Visa and Mastercard don't process international payments with Russia, but they still process domestic payments, so it's not as devastating as it may seem. There are so many payment methods in the world, that I'm sure those in Russia who are motivated enough will find ways to send and receive money abroad.

They have already found one through China's Union Pay.

https://www.businessinsider.com/russian-banks-could-tap-unionpay-to-reconnect-payments-ecosystem-2022-3

https://www.protocol.com/newsletters/protocol-fintech/unionpay-russia

That's even all of those payment methods suspend all of their services to Russia, still, Russia will find another company that's willing to cater those suspended service that has cut their operation on their country.

i read also that a lot of Russians are now requesting to open Chinese bank accounts. this war seems to be promoting the chinese yuan and Chinese for sure welcome this kind of development. they are benefitting from this situation.
and yes, some of these international payment methods may stop operations in Russia but they will always find another alternative to cater their needs. it is not a dead end here. though it may have an immediate impact but sooner or later, they will adopt to this change.

We don't know what's coming next once this war ends.

Are the currency exchanges in Russia are going to be mainly focusing now on RMB since the USA has put a lot of sanctions on them and the same with the EU?

Surely, China is getting all the advantages and benefits on this and at the same time, Russia is happy that despite those sanctions, they have a shoulder to lean on from China.

[SirLancelot]

Gradually various financial services were suspended, of course this made it difficult for consumers residing in Russia, we hope that Russia will immediately stop the invasion so that it does not have an economic impact and sanctions in the long term.

So, Russia didn't stop yet from attacking Ukraine? But, I heard their next target is now the nuclear power plant in Ukraine. Maybe once it got destroyed successfully, Russians will stop from there, since destroying that alone can now cause more damage and they don't need to do the damage manually by themselves but that is going to make their sanction longer than usual but it seems they are not worried because they have china on their side and china have everything.

In terms of financial matters or money matters, they also have bitcoins and cryptocurrencies aside from the union pay that is operated by the country of China. They have lots of options right now.

[sana54210]

Here is the issue with all these sanctions. Unless China also starts these sanctions then I don’t think the Western countries sanctions will do anything since you can pretty much get anything from China these days.

They make clothes, they make cars, they make electronics, they make food, they make everything pretty much. So unless China also starts to sanction Russia, I think the country will do just fine.

They already said they will nationalize all these factories that closed down. Will most likely get the supplies from China where they come from anyways and make their own brand. I think this Putin guy thought of everything.

It is not about getting something, it is also about selling something as well. Russians could find whatever they want if they want to buy something, I mean even west would be willing to find ways to sell something to them if it means making profit. However, these sanctions mean that whatever Russia is selling (oil+gas+wheat mainly) have to be bought from somewhere else.

This means losing a ton of money for them, and their currency lost more than half of its value. How many times have you seen a currency get devalued in half overnight? Obviously it is not really a sudden thing, but it could happen like in a few years at most. Whereas we are in a situation where it happened in a week.

[macson]

snip

It is also suggested that this may later favour UnionPay which is a Chinese payment system. If Russia is getting less depending on US and EU, hope this will not later affect US and EU and be favoring China which is ready to make business deals with Russia? This is not about China but about how this will lot later affect US and EU.

China, of course, is happy with every sanction imposed on Russia because they certainly get a big profit from it.  The digital money transaction market in Russia is quite high so far, as long as there is China, sanctions from anywhere will not mean much to Russia. China will definitely continue to help Russia with all their heart.

[teosanru]

I know for sure after this war world is not going to be the same. Believe it or not there would be a unsaid cold war starting again in the world. Every country now will make sure they are self dependent and remove this fake cloak of globalization because when time comes other countries will make you do things as per their wishes. I understand Russia is wrong, it's entirely wrong in igniting violence and an all direct war against any country still moving forward countries like Russia, China and North Korea will make sure they have no dependencies on other countries for th it economic needs.

[Gyfts]

Is great to know how these companies have decided to act. Many others will follow, as the outrage at the aggression in the West grows and firms are felling the pressure from the consumers.

Those that have publicly states that they will keep doing business in Putin's Russia (never let a few dead stop your profit), are now going to feel the wrath of the consumers. For example Japanese UNIQLO or even a global brand such as Danone. I think we should make them understand that you cannot do business with Putin and with the (reasonably) free world.

Visa, Mastercard, Paypal all pulling out are great only because it demonstrates a need for decentralization. It doesn't make sense to me why these companies (other than fear of cancel culture) would disrupt their services in Russia affecting Russian consumers who have no role in Putin's war efforts. This is an extreme reactionary measure that doesn't effect Putin directly. The fact that a credit card can magically stop working, essentially ceasing you of access to your funds, should terrify people.

[Lucius]

I don't think it makes sense to open a new thread, but it seems that some Chinese companies don't feel like doing business with Russia at a time when at least 80% of all countries in the world have turned their backs on it. I don't know if this is just an exception, but it sends a clear message to Moscow that China will not turn its back on the other side when it comes to aggression against an independent country.

A China-led development bank has suspended all business with Russia and Belarus, a possible sign of the limits of Beijing’s support for Moscow as it faces sanctions and censure over its war in Ukraine. “Under these circumstances, and in the best interests of the Bank, Management has decided that all activities relating to Russia and Belarus are on hold and under review,” the Beijing-based institution said in a statement on Thursday. “Our hearts go out to all who are suffering,” the bank said.

[cheezcarls]

Because of the war going on in Ukraine as Russia invaded the country with the instruction from Russia's president, Vladimir Putin, US and EU have been sanctioning Russia in a way the country will not be able to fund the war as it continues. Payment companies in US are also going beyond business and they are suspending Russia because of the war it started. Master card, Paypal, America express are suspending services to Russian, Apple Pay and Google Pay have restricted services for some Russian also.

We all know that nothing can stop people from using bitcoin, all that is needed and difficult to be restricted or ban is p2p transaction which can be on decentralized or centralized exchanges. Some people are thinking this can be a way people will noticed p2p more and can be a way these U.S. credit card companies can be losing customers.

https://cointelegraph.com/news/no-credit-for-crypto-users-react-to-russia-issued-credit-card-ban

It is also suggested that this may later favour UnionPay which is a Chinese payment system. If Russia is getting less depending on US and EU, hope this will not later affect US and EU and be favoring China which is ready to make business deals with Russia? This is not about China but about how this will lot later affect US and EU.

I feel sorry for the innocent Russians who are suffering the economic sanctions because of Putin’s tyranny actions against Ukraine. They don’t deserve this treatment!  I think this also applies to crypto debit cards who are implementing VISA and Mastercard, respectively. UnionPay however, is still open which is from China.

[Baofeng]

^^ In war it's always the innocent that pay first and be the victims. And obviously, this is the case with some of the Russians out there, I mean people there who are against Putin's policy on war and yet they can't do anything about it. Their money has no value now, so how they are going to survived? I don't think the government can help them as well because all their resources are going to at war with the Ukrainians.

[Tony116]

Because of the war going on in Ukraine as Russia invaded the country with the instruction from Russia's president, Vladimir Putin, US and EU have been sanctioning Russia in a way the country will not be able to fund the war as it continues. Payment companies in US are also going beyond business and they are suspending Russia because of the war it started. Master card, Paypal, America express are suspending services to Russian, Apple Pay and Google Pay have restricted services for some Russian also.

We all know that nothing can stop people from using bitcoin, all that is needed and difficult to be restricted or ban is p2p transaction which can be on decentralized or centralized exchanges. Some people are thinking this can be a way people will noticed p2p more and can be a way these U.S. credit card companies can be losing customers.

https://cointelegraph.com/news/no-credit-for-crypto-users-react-to-russia-issued-credit-card-ban

It is also suggested that this may later favour UnionPay which is a Chinese payment system. If Russia is getting less depending on US and EU, hope this will not later affect US and EU and be favoring China which is ready to make business deals with Russia? This is not about China but about how this will lot later affect US and EU.

The sanction will not affect for Russia because before the president decided to invade Ukraine, They have mitigate all of the worst possibilities which can happen in their country. Even before the war is begun, Russia has been restricted or banned in several economic regulations. This is not the new thing for their government, They will continue invade until Ukraine feel give up.

Certainly Mr. Putin and the Russian government have considered the worst-case scenario if war breaks out. IMO, sanctions will have an effect on Russia but I believe it will not be able to seriously affect the economy because US and Europe have been punishing for years. and so the Russian economy is still standing and growing. Russia is the leading military power, no country dares to touch them, I think they will not stop until they achieve their goal.

[Cling18]

Because of the war going on in Ukraine as Russia invaded the country with the instruction from Russia's president, Vladimir Putin, US and EU have been sanctioning Russia in a way the country will not be able to fund the war as it continues. Payment companies in US are also going beyond business and they are suspending Russia because of the war it started. Master card, Paypal, America express are suspending services to Russian, Apple Pay and Google Pay have restricted services for some Russian also.

We all know that nothing can stop people from using bitcoin, all that is needed and difficult to be restricted or ban is p2p transaction which can be on decentralized or centralized exchanges. Some people are thinking this can be a way people will noticed p2p more and can be a way these U.S. credit card companies can be losing customers.

https://cointelegraph.com/news/no-credit-for-crypto-users-react-to-russia-issued-credit-card-ban

It is also suggested that this may later favour UnionPay which is a Chinese payment system. If Russia is getting less depending on US and EU, hope this will not later affect US and EU and be favoring China which is ready to make business deals with Russia? This is not about China but about how this will lot later affect US and EU.

Civilians are the most affected by these suspensions and banning especially those who need international transactions to seek help. Not all Russians support Putin's actions but, unfortunately, they have no choice but to deal with what is happening. It will also have a huge impact on other countries' economy, especially in Europe and America.

[StanCrypt]

Because of the war going on in Ukraine as Russia invaded the country with the instruction from Russia's president, Vladimir Putin, US and EU have been sanctioning Russia in a way the country will not be able to fund the war as it continues.

With regards to funding the war, I think Russian will be able to see the war through. I believe they've been planning and are ready to sacrifice what ever they need to to ensure they succeed. From the look of things, the EU is far more reliant on Russia than Russia are on other countries. They have the ability to survive even if they shut up their borders from both importing and exporting of goods especially the oil.

[Lubang Bawah]

I am sure that many global companies will stop service to Russia as a sanction, of course this is detrimental to many people and also the company, this is what I am worried about from the impact of war and I believe in the long term there will be a lot of problems with Russia.