Mastercard blocks several financial institutions over sanctions against Russia

A Mastercard logo is seen on a credit card in this photo image dated August 30, 2017. REUTERS/Thomas White

Feb 28 (Reuters) – Mastercard Inc announced late Monday that it had suspended several financial institutions from its payments network in the wake of sanctions against Russia over Moscow’s invasion of Ukraine.

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

Separately, Visa Inc (VN) said in a statement that it is taking steps to ensure compliance with the sanctions and would also comply with any additional sanctions that may be imposed.

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

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

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

Reporting by Maria Ponnezhath in Bengaluru; Edited by Christian Schmollinger and Kenneth Maxwell

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