03.08.2014 - 01:05 [ Zero Hedge ]

Russian Oligarchs Wave Goodbye To Visa, Switch To Chinese Credit Card

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.“