Russian banks are planning a switch to China's card payment system after Mastercard and Visa halted operations, reports say

• Russian banks are making the switch as Mastercard and Visa suspended operations.
• China's card system, UnionPay, provides access to making payments in over 180 countries.

Russian banks could switch to using China's card payment system, UnionPay, after MasterCard and Visa suspended operations in Russia, according to media reports.

Russia's largest bank Sberbank announced it was looking at issuing cards using the UnionPay system in conjunction with Russia's domestic Mir payments system, Bloomberg reported. Alfa Bank is already pushing ahead with plans to issue cards using UnionPay, while the newswire cited Tinkoff Bank as saying that it would issue cards with UnionPay as soon as possible.

The three banks did not immediately respond to Insider's request for comment.

Visa, Mastercard, and American Express announced on March 5 and 6 that they would suspend operations in Russia as a result of Moscow's decision to invade Ukraine. All three previously said that they had blocked certain Russian banks in an effort to comply with Western sanctions against the country.

Russia's central bank said on March 6 that Russian banks using systems by Visa and Mastercard will no longer work abroad from March 9, Reuters reported. In Russia, however, Mastercard and Visa cards issued from within the country will continue to be accepted until they expire, the bank added.

Governments have unleashed a package of sanctions aimed at hobbling Russia's economy in response to Moscow's order to invade Ukraine. A growing list of overseas firms have also curtailed their operations in Russia in response to the conflict.

China, however, has resisted criticizing Russia and has said that sanctions are a punishment that never works. Reuters previously reported that Russian businesses are scrambling to open accounts at Chinese banks in Moscow as they seek to avoid the fallout from sanctions. China is Russia's biggest trade partner for exports and imports.

Banks' adoption of UnionPay would enable Russians access to make payments in over 180 countries globally, according to the Chinese card system's website.

UnionPay did not immediately respond to Insider's request for comment.

Some Russian banks already use the UnionPay system, the central bank said according to Reuters, but others will make the switch by issuing cards with both the Chinese system and Russia's Mir payments system.

Since sanctions were implemented following Russia's invasion of Ukraine, the ruble has plummeted, its stock exchange has shuttered, and billions of dollars in assets have been frozen, affecting Russians from all backgrounds.