Posted on Apr 10, 2022
Estonian cards in Turkey, Italian cards in Singapore: ordinary Russians abroad are using foreign...
530
15
2
6
6
0
Maria went to buy a green juice on campus one day in late February but her card was declined.
Next, she tried to buy some groceries. Again, her card was declined.
The 23-year old Russian student, who did not wish to share her last name, is doing an exchange semester in Singapore and had heard a day earlier that her Russian bank card would be blocked. She wanted to test it to see if it was true.
"We're worth nothing, basically," she told Insider, referring to the value of Russian currency.
Next, she tried to buy some groceries. Again, her card was declined.
The 23-year old Russian student, who did not wish to share her last name, is doing an exchange semester in Singapore and had heard a day earlier that her Russian bank card would be blocked. She wanted to test it to see if it was true.
"We're worth nothing, basically," she told Insider, referring to the value of Russian currency.
Estonian cards in Turkey, Italian cards in Singapore: ordinary Russians abroad are using foreign...
Posted from businessinsider.in
Russia
Ukraine
Money
Finance
Posted 2 y ago
Responses: 2
5
5
0
PO1 William "Chip" Nagel It's good to see the sanctions working.
...""We're worth nothing, basically," she told Insider, referring to the value of Russian currency.
Since it invaded Ukraine, Russia has been a pariah state, with many sectors of its economy sanctioned by the international community. Its network of wealthy oligarchs have had their assets frozen, their overseas properties raided, and their yachts seized.
But ordinary Russians are feeling the impact too, with the ruble plummeting in the early days of the invasion, one of the worst-performing currencies of the year so far. Major Russian lenders have been banned from SWIFT, the international system of payment used by thousands of banks worldwide. And for Russians abroad like Maria, the decision by Mastercard and Visa to suspend their Russian operations, has meant money troubles since their cards are now negligible abroad.
Maria received a text on March 11 from her Russian bank, Sberbank — the country's largest — informing her of the ban, the message stating that it would not affect Sberbank cards within Russia."...
...""We're worth nothing, basically," she told Insider, referring to the value of Russian currency.
Since it invaded Ukraine, Russia has been a pariah state, with many sectors of its economy sanctioned by the international community. Its network of wealthy oligarchs have had their assets frozen, their overseas properties raided, and their yachts seized.
But ordinary Russians are feeling the impact too, with the ruble plummeting in the early days of the invasion, one of the worst-performing currencies of the year so far. Major Russian lenders have been banned from SWIFT, the international system of payment used by thousands of banks worldwide. And for Russians abroad like Maria, the decision by Mastercard and Visa to suspend their Russian operations, has meant money troubles since their cards are now negligible abroad.
Maria received a text on March 11 from her Russian bank, Sberbank — the country's largest — informing her of the ban, the message stating that it would not affect Sberbank cards within Russia."...
(5)
(0)
4
4
0
Read This Next
Continue with Facebook 
Continue with Google