Russian
Oligarchs Wave Goodbye To Visa, Switch To Chinese Credit Card
1
August, 2014
So
much for the "Russia is becoming increasingly isolated"
meme that the West would like many to believe. As Russia continues to
sign de-dollarization deals and trade agreements with its BRICS
allies while pushing ahead with retaliatory actions against the US
and Europe, it appears the 'sanctioned' friends of Putin are taking
matters into their own hands. Billionaire oligarch Gennady Timchenko,
among the first to be hit by travel bans and asset freezes by the US,
has decided
to tear up his Visa and Mastercard, shifting all his credit cards to
China's UnionPay,
noting that "in
some ways it is more secure than Visa - at least the Americans can't
reach it."
The
Western meme goes something like this...
“Russia
risks becoming a pariah state if it does not behave properly,”
U.K. Foreign Secretary Philip Hammond said on Sky news this week.
However,
after various deals with BRICS and Middle East nations, it appears
Russia can find plenty of 'friends'.
And
now the sanctioned oligarchs and de-dollarizing...
(via ITAR-TASS Google Translate)
Russian
businessman Gennady Timchenko, because of the U.S. sanctions imposed
against him in March 2014 after the annexation of the Crimea to the
Russian Federation, has replaced by Visa and MasterCard for card
payment system China Union Pay and wallet with cash.
Timchenko
March 20 was included in the U.S. Treasury list of persons with whom
the U.S. companies and citizens have the right to maintain the
business relationship, including U.S. registered Visa and MasterCard.
Businessman
said that stopped using these cards payment systems. "We'll
have to, as before, to carry a purse with cash,"
- complained Timchenko, adding that also enjoys card Chinese Union
Pay.
"As
the sanctions imposed, it immediately issued," - he said.
"Excellent work! And
accept card in many places. In some ways more secure than Visa. At
least Americans will not reach"
- said Timchenko.
Inclusion
of a businessman in the U.S. sanctions
list created trouble for the payments and for his wife. "Wife
Gennady Timchenko had the surgery and could not even pay for it,
because it was blocked accounts and cards,"
- said Russian President Vladimir Putin on April 17 during his
"straight line", describing the incident as a violation of
human rights.
Putin
learned about this case, held after the announcement of sanctions
meeting of the Russian Geographical Society, co-trustee of which is
Timchenko. "Vladimir
Putin asked how we feel ourselves to new realities. I
said, well, all right, but there are nuances. And he told the story
that President then mentioned," - said the businessman.
*
* *
While Obama hopes that pressure on the oligarchs will
creat some civil strife for Putin, we worry that it will merely
corner him into survival mode with signioficant repurcussions for the
west.
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