The Russian Central Bank, announced on Sunday that local banks will start issuing new payment cards with the Chinese UnionPay card system coupled to the Russian MIR network.

This decision comes after, last week, the American companies Visa and Mastercard announced the suspension of their activities in the country.

Russia has reduced transfer fees for MIR card users, and is now teaming up with China's UnionPay, already used in 180 countries, and larger than Visa and Mastercard combined.

While several Russian banks already use UnionPay, including Sberbank (Russia's largest bank and also in Eastern Europe,) and Tinkoff, others may already start issuing cards with Mir Pay, the Central Bank of Russia's payment system, alongside UnionPay.

The Central Bank also said that credit cards issued by Russian banks with the Visa and Mastercard payment systems will stop working abroad as of next Wednesday, March 9.

According to Reuters, some local lenders may turn to China's UnionPay system.

The overseas ban also applies to cards issued by local subsidiaries of foreign banks, the bank said.

Thousands of Russians, including tourists, are stranded abroad after many countries closed their airspace to Russian aircraft, while Russia retaliated with flight bans for many foreign airlines.

The central bank has advised citizens currently abroad to withdraw money before the ban goes into effect.