Russia is turning to microchip manufactures in China to circumvent western sanctions which have boosted demand for bank cards linked to the Mir payment system, an executive with the domestic payment system said. Western sanctions imposed on Russia over its invasion of Ukraine have cut Moscow off the global financial system and from nearly half of its $640 billion in gold and foreign exchange reserves. Oleg Tishakov, a board member with the National Card Payment System (NSPK), said Russia is facing a shortage of microchips as Asian manufactures suspend production amid a coronavirus pandemic and European suppliers have stopped cooperating with Moscow following sanctions. “We are looking for new microchip suppliers and [have] found a couple in China, with certification process ongoing,” Tishakov told a conference on Tuesday, without giving further details. Some of Russia’s biggest banks no longer have access to the SWIFT global banking messaging system, and international …