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Visa, Mastercard block Russian financial institutions
 
By: Cletus Sunday Ilobanafor
Tue, 1 Mar 2022   ||   United States,
 

 

United State payment card firms Visa Inc and Mastercard Inc have blocked multiple Russian financial institutions from their network, complying with government sanctions imposed over Moscow’s invasion of Ukraine.

Visa said on Monday it was taking prompt action to ensure compliance with applicable sanctions, adding that it will donate $2 million for humanitarian aid. Mastercard also promised to contribute $2 million.

“We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve,” Mastercard said in a separate statement late on Monday.

The government sanctions require Visa to suspend access to its network for entities listed as Specially Designated Nationals, a source familiar with the matter told Reuters.

The United States has added various Russian financial firms to the list, including the country’s central bank and second-largest lender VTB.

On Saturday, the U.S., Britain, Europe and Canada announced new sanctions on Russia – including blocking certain lenders’ access to the SWIFT international payment system.

 

 

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