Visa and MasterCard cut off Russian institutions from the network

Visa and MasterCard cut off Russian institutions from the network

Photo: ANP

Credit card companies Visa and Mastercard have banned several Russian financial institutions from their network. Thus, American companies are bound by the sanctions imposed on Russia due to the invasion of Ukraine.

The sanctions will also require credit card companies to suspend network access for Russians and blacklisted Russian institutions. The United States recently added several Russian financial firms to the list, including the country’s central bank and second largest lender, VTB.

Visa said it took immediate action to ensure compliance with the sanctions. The company added that it will donate two million dollars to humanitarian aid. MasterCard also pledged to contribute $2 million.

The United States, Britain, Europe and Canada announced new sanctions against Russia over the weekend, including blocking several Russian lenders from accessing the international payment system SWIFT. Since then, many Western banks, airlines and other organizations have cut ties with Russia because they found the country’s actions unacceptable. European countries and Canada also closed their airspace to Russian aircraft.

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