Mastercard and Visa Block Russian Financial Institution Transactions

Tuesday, March 1, 2022 – 16:24 WIB

VIVA – The US payment card companies Visa Inc and Mastercard Inc, blocked Russian financial institutions from the network of services provided. This is in accordance with the sanctions imposed by the US-EU and its allies for Russia’s invasion of Ukraine.

Visa said in an official statement on Monday local time that it was taking immediate action to ensure compliance with applicable sanctions. The company also donated US$2 million for humanitarian aid.

Meanwhile, Mastercard also pledged to contribute US$2 million dollars. This company is doing the same thing with Visa.

“We will continue to work with regulators in the days ahead to fully comply with our compliance obligations as they evolve,” Mastercard said in a separate statement.

The United States has added various Russian financial firms to the list, including the country’s central bank and second-largest lender VTB.

As is known, on Saturday last week, the US, UK, Europe and Canada announced new sanctions against Russia. This includes blocking certain lenders’ access to the SWIFT international payment system.

Jackson Wintringham

"Coffee aficionado nerd. Troublemaker. General communicator. Gamer. Analyst. Creator. Total brew ninja."

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