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Multiple Russian banks on Sunday announced plans to begin issuing cards using a Chinese card operator's system with Russia's Mir network after Visa and Mastercard pulled out of Russia.

The Chinese UnionPay system will be used by Sberbank, Alfa Bank and Tinkoff.

One day after Mastercard announced that Russian banks will no longer be supported by its network, another announcement was made. Over a week after the Russian invasion of Ukraine began, Visa announced it is suspending all transactions.

In a statement, Mastercard said it does not take this decision lightly.

Visa Chairman and Chief Executive Officer Al Kelly said in a statement that they are compelled to act following Russia's invasion of Ukraine.

The announcements came after the U.S. lawmakers held a private video call with the Ukrainian President.

Russia accounted for 4% of Visa's net revenue in its last fiscal year, and 4% of Mastercard's net revenue in its last fiscal year.

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