Some Russian banks’ clients are unable to use popular payment methods like Apple Pay or Google Pay because of the restrictions imposed by the sanctions regime.
US and EU-imposed sanctions on Russian banks continue to freeze foreign-held assets on Friday as the conflict in Ukraine enters its third day.’
So now clients may no longer use any Russian bank cards with U.S.-based payment systems such as Google or Apple Pay, as a consequence.
Central Bank of Russia sanctions include VTB Group, Sovcombank, Novikombank, Promsvyazbank and Otkritie.
Additionally, as noted by Business Insider, Russians will no longer be allowed to use their credit cards outside of the country. Online payments to firms registered in sanctioned countries would be blocked for consumers as well.
Apple, other prominent tech firms, and even Bitcoin have fallen in value since Russia’s incursion into Ukraine.
Furthermore, any firm doing business in Russia would be impacted if the US government prohibits the supply of hardware or software to the nation. As an example, Apple’s iPhone, OS upgrades, and App Store wouldn’t be able to be sold, maintained, or updated.