The Mastercard logo appears on the credit card of this pictorial illustration August 30, 2017 REUTERS / Thomas White
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March 1 – US payment card companies Visa Inc (VN) and Mastercard Inc have blocked a number of Russian financial institutions from their network, in line with government sanctions imposed over Moscow’s invasion of Ukraine.
Visa said Monday that it is taking swift action to ensure compliance with applicable sanctions, adding that it will donate $ 2 million in humanitarian aid. Mastercard also promised to contribute $ 2 million.
“We will continue to work with regulators in the coming days to fully comply with our compliance obligations as they evolve,” Mastercard said in a separate statement late Monday.
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Government sanctions require Visa to suspend access to its network of entities listed as specially designated citizens, a source familiar with the matter told Reuters. The United States has added various Russian financial companies to the list, including the country’s central bank and VTB’s second-largest lender (VTBR.MM).
On Saturday, the United States, Britain, Europe and Canada announced new sanctions against Russia – including blocking access to certain creditors to the international payment system SWIFT. Read more
The Russians rushed to the ATMs and waited in long lines on Sunday and Monday amid fears that bank cards may cease to function or that banks will restrict cash withdrawals. Read more
Russia calls its actions in Ukraine a “special operation.”
Many Western banks, airlines and others have severed ties with Russia, calling the country’s actions unacceptable. European countries and Canada have closed their airspace to Russian aircraft. Read more
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Report by Maria Ponejat in Bengaluru; Edited by Christian Schmolinger, Kenneth Maxwell, Kirsten Donovan
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