Visa, Mastercard Block Russian Banks From Payment Networks Amid Ukraine Invasion

True Pundit March 3, 2022

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Two credit card giants are blocking transactions from Russian financial institutions in response to the Russian invasion of Ukraine.

Visa and Mastercard both announced Tuesday that they would halt the processing of all transactions from Russian institutions in their payment systems, in compliance with U.S. sanctions on Russia.

“The invasion by Russian military forces over the past week has been devastating for the people of Ukraine. Our thoughts continue to be with those impacted,” Mastercard CEO Michael Miebach said in a statement announcing the move. “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.”

Miebach also announced that Mastercard would be making a $2 million donation to the Red Cross, Save the Children, and the company’s employee assistance fund for humanitarian relief. – READ MORE

Categories: News

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True Pundit November 1, 2022

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(PREMIUM) PAINE IN THE MORNING: What you need to know this Tuesday – November 1, 2022

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