World - Europe
Updated: March 02, 2022

Visa, Mastercard Block Russian Banks From Payment Networks

By Quadri Adejumo
March 02, 2022
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Mastercard and Visa announced their decision to block Russian banks from their payment networks after sanctions were imposed on Russia over its invasion of Ukraine.

Mastercard Chief Executive Michael Miebach said in a statement released by the Daily Sabah that; "As a result of sanction orders, we have blocked multiple financial institutions from the Mastercard payment network."

"We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve."

Visa also said on its website that it is taking prompt action to ensure compliance with applicable sanctions, and is prepared to comply with additional sanctions that may be implemented.

The steps taken by these credit card firms would prevent Russians from accessing their platforms.

The decision follows wide sanctions against Russian banks and Russian nationals as the country invades Ukraine.