The global financial system faces being split as Russia turns to 's answer to Visa and Mastercard after the card firms pulled out of the country along with a swathe of other Western companies including and . Lenders including Sberbank and Alfa Bank plan to move to China's UnionPay for their customers' bank cards - although an expert today said the move would take time and cause severe economic disruption. It is a fresh sign the world's financial system is splintering in two, with Moscow increasingly backing 's efforts to challenge the West's domination of global banking infrastructure.
Load More
Load More