US Sanctions Threat Zaps Russia’s Homegrown Mir Cards in Setback
- Bank of Russia set up Mir as alternative to Visa, Mastercard
- Fear of sanctions deterred even Russia’s allies from use
Visa, Mastercard and Russian Mir payment cards.
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Russia’s international ambitions for its homegrown alternative to Visa and Mastercard have been dashed as even some of its closest allies have dropped its Mir payment system following a threat by the US to sanction anyone who helps or supports its use.
Of the nine countries that had signed on to Mir, set up by Russia after the first wave of US restrictions back in 2014, banks in six have dropped it in the two months since the Treasury Department issued its warning in September.