Russia may start issuing Chinese UnionPay cards by autumn

Russian banks continue to prepare for the issuance of cards of the Chinese UnionPay payment system, hoping to start by autumn.

"Absolut Bank" expects to start issuing in the third quarter of this year, Izvestia reports.

Rosbank, Ak Bars Bank and Home Credit and Finance Bank are also preparing for the issuance of UnionPay cards. For now, the approval process is yet to be ended.

Cards of this system are issued in 10 Russian banks: Russian Agricultural Bank, GazpromBank, Zenit, Russian Regional Development Bank, Primsotsbank, Primorye Bank, Pochta Bank, Solidarnost Bank and Bank St. Petersburg.

UnionPay may review applications from Russian banks to issue cards for two to three months. China may delay the approval of Russian banks' applications for issuing cards, due to fears of secondary sanctions from the West, according to experts of Izvestia.