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How Russia escaped western sanctions with its parallel payments system
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Western sanctions have disrupted nearly every part of Russia’s financial system, but there is one big exception.
The domestic-payments system continued to work smoothly after Visa and Mastercard pulled out earlier this month. While the card giants’ exit from Russia was viewed as a significant move by many in the west, the reality on the ground was anything but. Most Russian consumers never lost the ability to use their Mastercard- and Visa-branded cards to pay for things within the country.
There...
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