Visa and Mastercard block Russian financial institutions

Tuesday 1 March 2022 14:13 CET | News

Global payment processors and card issuers Visa and Mastercard have blocked multiple Russian financial institutions from their network, in compliance with the US government sanctions imposed over the ongoing war in Ukraine.

Both Visa and Mastercard announced that they will each contribute USD 2 million for humanitarian aid to Ukraine. 

On 26 February 2022, the European Union, Canada, the UK, and the US announced a new set of sanctions on Russia that included blocking the leaders’ access to the SWIFT international payment system. The US’ government sanctions now require Visa and Mastercard to suspend access to their network for entities listed as Specially Designated Nationals, which includes the Central Bank of Russian Federation and second-largest national lender, VTB Bank

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Keywords: Russia Ukraine War, central bank, Visa, MasterCard, credit card, SWIFT, Swift messages, cross-border payments, regulation
Companies: Mastercard, Visa
Countries: Russian Federation




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