Bank of China. Photo: getty images
On Sunday, 24 November, leading Chinese banks stopped issuing cash from UnionPay bank cards issued by Russia’s Gazprombank. According to Astra, this applies to such institutions as Bank of China, China Construction Bank, Industrial and Commercial Bank and Agricultural Bank of China.
The Russian news agency TASS confirmed that Gazprombank’s clients are now unable to withdraw funds from these Chinese banks.
Reason for the restrictions
According to reports, this happened as a result of new sanctions imposed by the United States against Russia’s financial sector. In particular, the restrictions affected a number of banks and payment systems, which created additional difficulties for Russian citizens and companies in international financial transactions.
Implications for Russian users
The suspension of UnionPay card services significantly complicates the ability of Russians to use financial services outside the country. China, which used to be one of the few destinations where Russian banks had stable access to the international payment infrastructure, has now also restricted its services.
This situation highlights the growing pressure on Russia from the international community and its limited access to the global financial system.
