Russian banks are looking towards China and payment card Unionpay following the news over the weekend that both Visa and Mastercard are cutting their services.

Both Visa and Mastercard announced they would no longer facilitate international payments from Russia as the country continues its assault on Ukraine.

Sberbank and Tinkoff, two of Russia's larger banks, both said they are considering a move to the Chinese Unionpay, a company that rivals Mastercard and Visa given the size of China's population and economy.

The Russian banks are in a desperate attempt to get a payment facilitator as western nations and big companies try to isolate the country through financial sanctions.

Payment cards powered by Unionpay could prove a worthwhile option for Russia's population as they are accepted in stores across 180 countries and online in 200 countries and regions.

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China has to date failed to criticise Putin's actions in Ukraine, but have called for talks between the two sides.

Over the last number of days, major companies announced they were pulling out of Russia, including Apple, WPP, Mercedes and BP.

Business leaders around the globe are making a conscious effort to help keep pressure on Putin despite leaving behind profits as they exit the region.

Foreign investors in Russia are not finding it straightforward to exit after there was an order from Moscow restricting foreign companies from selling their assets.

Among the energy companies pulling out are Shell and BP, both of whom have billions tied up in projects with state-owned Gazprom, while ExxonMobil will pull out of a key oil and gas project they have in the region.

Toyota has halted production on two of their lines, Rav4 and Camry, while Mercedes, Volkswagen, Porche and Audio have suspended manufacturing and vehicle exports to Russia.

Late on Sunday, the US announced they would look into a ban on the purchase of Russian oil and gas, a move that could see the price of energy jump once again in Ireland.

Washington is in 'active talks' with European allies about targeting Russia's energy industry in the next round of sanctions, US secretary of state Antony Blinken announced.

Images: Getty