Mastercard, Visa suspend Russian operations; Banks turn to China's UnionPay

U.S credit card giants Visa and Mastercard said they were blocking Russian banks from their payment networks following international sanctions in response to Moscow's invasion of Ukraine. Visa said that "effective immediately" it would "work with its clients and partners within Russia to cease all Visa transactions over the coming days." U.S President Joe Biden 'welcomed the decision' during a phone call with his Ukrainian counterpart Zelensky. After the two firms announced their decision, the Russian banks said they planned to issue cards using China's UnionPay system. Watch the full video for more.