China deals major blow to Russia with payments ban
www.newsweek.com
UnionPay cards linked to the Huawei Pay service have stopped working in Russia, local media has reported.

Cross-posted from: https://feddit.de/post/9474563

UnionPay was widely touted as China’s rescue operation to Russia after Visa, Mastercard and American Express suspended operations in Russia over the war in Ukraine and SWIFT was blocked. It became one of the only methods Russians could use to make payments abroad.

Now UnionPay cards linked to the Huawei Pay service have stopped working in Russia, local news portal 66.ru reported on Tuesday, citing users who say they have been unable to make payments. The Moscow Times said that the restrictions may be the result of U.S. sanctions against Russia’s National Payment Card System (NSPK), which processes all UnionPay card transactions in the country.

  • tal@lemmy.today
    231·
    8 months ago

    On an entirely unrelated note, Bitcoin is apparently up 20% in the past two days.

    • Valmond@lemmy.mindoki.com
      111·
      8 months ago

      Speculation maybe? I mean how would russians buy bitcoin? Nobody sane would accept rubles right?

      Seems they can, at least right now. See tals post below:

      • tal@lemmy.today
        5·
        8 months ago

        googles

        https://garantex.org/?lang=en

        Rubles, Bitcoin

        Deposit and withdrawal of cash rubles without commission

        Withdrawal by Sberbank, Tinkoff, Alfa-Bank cards

        Someone appears to. You’d think that the US wouldn’t like that much.

        googles

        Ah.

        https://home.treasury.gov/news/press-releases/jy0701

        Treasury Sanctions Russia-Based Hydra, World’s Largest Darknet Market, and Ransomware-Enabling Virtual Currency Exchange Garantex

        Treasury is committed to taking action against actors that, like Hydra and Garantex, willfully disregard anti-money laundering and countering the financing of terrorism (AML/CFT) obligations and allow their systems to be abused by illicit actors. Wanton disregard for regulations and compliance by persons that run virtual currency exchanges will be rigorously investigated, and where appropriate, perpetrators will be held accountable.

        Garantex is being designated today pursuant to E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy.

        Today’s action also reinforces OFAC’s recent public guidance to further cut off avenues for potential sanctions evasion by Russia, in support of the G7 leaders’ commitment to maintain the effectiveness of economic measures.

        Sounds like they’ve been in hot water since early 2022.

      • Thorny_Insight@lemm.ee
        5·
        8 months ago

        I’m kind of glad I’m not you. If I had bought 3btc for cheap back in the day I would be really tempted to sell them now and buy back later at a discount. It’s probably good for my mental health that I’m only investing in index funds so I don’t need to speculate with this.