Tuesday, October 22, 2024

Sanctions/Payment Systems: "Russia Has a Message for BRICS Summit Goers: Bring Cash"

From Bloomberg, October 22:

  • Organizers tell visitors to bring dollars, euros for payment
  • Russia was cut off from international bank cards by sanctions 

While President Vladimir Putin is eager to demonstrate to fellow leaders at the BRICS summit that Russia is shrugging off Western sanctions over his war in Ukraine, organizers are sending foreign guests a different message — bring cash.

The summit’s website reminds visitors that they won’t be able to use their Mastercard or Visa cards issued outside of Russia to make payments or cash withdrawals in the country. Union Pay cards are valid but with restrictions, it said.

Instead, Russia advises the summit’s participants to bring dollars or euros, adding that they’re the only currencies that can be “freely exchanged for cash in rubles in most banks in Russia.” It also suggests taking out the home-grown Russian Mir bank card, providing instructions on obtaining one, including at the airport in Kazan, which is hosting the BRICS meeting....

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Mir card, don't leave home without it. 

I'm not sure if it says anything about our readers but the most popular links we've ever had were "UPDATED--'The Karl Marx Credit Card – When You’re Short of Kapital'":

Is it a tragedy? Is it a farce? In the land once called East Germany, in a town once called Karl-Marx-Stadt, a bank called Sparkasse Chemnitz ran an online poll letting customers vote for images to place on their credit cards. And the hands-down winner was Karl Marx, an ironic pick given that … well, you don’t need me to explain why.

In response to this selection, Planet Money has encouraged readers to post a tagline for the card on Twitter, using the hashtag #marxcard. Here are a few of our favorites so far:
  • There are Some Things Money Can’t Buy. Especially If You Abolish All Private Property.
  • From each according to their ability, to each according to his need. For everything else, there’s #Marxcard.
  • The Marx Card – Because Credit is the Opiate of the Masses.
  • The Karl Marx MasterCard – When You’re Short of Kapital
And
Okay, The Second Time Is Farce: Some Additional Taglines for the Karl Marx Credit Card
 It's Everywhere You Want To Be But Can't Go Due To Internal Travel Restrictions  
A spectre is haunting Europe - the spectre of cash back and low, low interest rates.
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