According to a recent report, a large number of people living in Russia are unable to carry transactions through Google pay and Apple pay through their bank cards as a result of newly imposed financial sanctions on Russia. The financial institutions which are affected under this include- VTB Group, Sitcom bank, Prom svyaz bank, and Otkriti FC bank.
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However, customers can still transact by using above mentioned financial institutions by using their cards but within Russia only. According to
Central government digital payments will continue to prevail by using their bank card; it will allow users to make use of Google pay and Apple pay applications as well. One of the reasons for the imposition of financial sanctions on Russia is its invasion of Ukraine. Following this UK has frozen the assets of five Russian banks whereas the US has put sanctions on Sberbank and VTB TB bank. Russia-owned Sberbank online followed by Yoo Money and QIWI have been the most popular ones.
Another major step was taken by US and Europe against Russia is that they have blocked SWIFT (Society for worldwide interbank financial telecommunication), its function is to ensure proper and efficient transactions across the globe. Russia’s action has negatively impacted it’s economy.
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