Visa and Mastercard credit cards.
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Huge payments and credit cards Passport and Master Card blocked financial institutions from their networks in response to sanctions targeting Russia following the invasion of Ukraine.
Last week, Russia launches an unprecedented invasion of Ukraineforced the United States and governments around the world to impose a series of sanctions aimed at cutting Moscow off from the global financial system.
Last week, the US placed a number of Russian individuals and financial institutions on the sanctions list called the Specially Designated Country list. It effectively prevents US companies and people from doing business with any of the individuals or entities on that list. Washington too sanctioned Russia’s central bank on Monday.
On Monday, Mastercard said it was “blocking multiple financial institutions” from its payment network, without naming the companies or individuals. “We will continue to work with regulators in the coming days to fully comply with our compliance obligations as they evolve,” the company added.
Competitor Passport also blocked people on the sanctions list, saying on Tuesday it had “taken expeditious action to ensure compliance with applicable sanctions and is ready to comply with additional sanctions that may apply.” can be done.”
Visa and Mastercard also pledged $2 million to Ukraine’s humanitarian relief fund.
It comes after the United States, Canada and European allies agreed on Saturday to removal of important Russian banks from the interbank messaging system, SWIFT. That means Russian banks will not be able to communicate securely with banks outside its borders.
Widespread sanctions have caused the value of the Russian ruble to plunge. Citizens in Russia have also Long queues to withdraw money from ATMs.
Meanwhile, Deputy Prime Minister of Ukraine Mykhailo Fedorov has called on major crypto exchanges to block addresses of Russian users.
Bitcoin and other digital currencies could become a way for Russians to be able circumvent sanctions and get their money out of the countrybecause cryptocurrencies are not owned or controlled by a single entity like a central bank.
Binance, the world’s largest exchange, announcedblock the accounts of Russian individuals who have been sanctionedbut stressed that it would not “unilaterally” freeze the accounts of all Russian users.
– By CNBC Amanda Macias contributed to this report.
