Customers of sanction-hit Russian banks unable to use Apple, Google Pay – Business Insider

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Cards issued by several Russian banks that have been hit by sanctions are unable to use Apple Pay and Google Pay services, the Central Bank of Russia said Friday.
The banks include VTB Group, Sovcombank, Novikombank, Promsvyazbank, and Otkritie, it said.
Those banks’ customers wouldn’t be able to use their cards abroad, or to make online payments to companies registered in countries that have issued sanctions, the Central Bank said.
A number of countries imposed financial sanctions against Russia earlier this week after it deployed troops in two breakaway regions of Ukraine. Sanctions were stepped up after Moscow ordered the invasion of Ukraine on Thursday, which Russian President Vladimir Putin said was an act of self-defense against NATO expansion into eastern Europe.
The UK, US, European Union, and Australia are among governments who are freezing the foreign-held assets of Russian banks which also include Sberbank, General Bank, IS Bank, Rossiya, and the Black Sea Bank.
“Every asset they have in America will be frozen,” US President Joe Biden said Thursday.
The Wall Street Journal reported that people in Russia have been queuing at ATMs to get US dollars over concerns that the value of the Russian ruble will continue to plummet, while MSNBC reported that some banks in Moscow are running out of US dollars. The mass withdrawals have led to fears of a run on banks which could leave them short of capital needed for lending and financing.
The central bank announced that the affected bank cards would continue to work for standard contact and contactless payments across the country with no restrictions. Customers are able to access their funds at these banks at any time, the central bank said.

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