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Russian banks are reportedly courting the Chinese payment network to overcome the loss of Visa and Mastercard. The strategy would test China's willingness to provoke a response from the international community.
The card brands have blocked large Russian banks from their networks in response to the Ukraine invasion, a move that may dramatically curtail retail transactions, ATMs and e-commerce.
U.K. Prime Minister Boris Johnson is among the world leaders pushing for a ban, and U.S. President Biden was grilled about the possibility during a press conference where he announced sanctions in response to Russia's military action in Ukraine.
The money transmitter's $1.8 billion acquisition by Madison Dearborn Partners removes the need to appease investors on a quarterly basis, freeing up the company to invest in a long-term transformation of its technology.
Meta's departure from the crypto market removes a sizable potential competitor at the same time that nonbank issuers are bracing for tougher regulatory scrutiny.