Financial institutions

Ukraine crisis: Mastercard blocks several financial institutions for sanctions against Russia – News

Russians rushed to ATMs and waited in long lines on Sunday, fearing bank cards might stop working.



Reuters

By Reuters

Published: Tue, March 1, 2022, 9:22 AM

Last update: Tue, March 1, 2022, 9:28 AM

Mastercard Inc said late Monday it blocked several financial institutions from its payment network following sanctions imposed on Russia following Moscow’s attack on Ukraine.

Mastercard will continue to work with regulators in the coming days, the company said in a statement. He also pledged to donate $2 million for humanitarian aid.

Separately, Visa Inc said in a statement that it is taking steps to ensure compliance with the sanctions and will also comply with any additional sanctions that may be implemented.

On Saturday, the United States and its allies said they would take action against Russia’s central bank and exclude some of the country’s banks from the SWIFT international payment system.

Russia calls its actions in Ukraine a “special operation”.

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Russians rushed to ATMs and waited in long lines on Sunday, fearing bank cards would stop working or banks would limit cash withdrawals after Western sanctions.