Status: 03/01/2022 11:07 a.m
The credit card providers Mastercard and Visa are also quickly implementing the sanctions against Russia. They excluded a number of Russian financial institutions from their payment system – with immediate consequences for customers.
US credit card providers Mastercard and Visa are excluding a number of Russian financial institutions from their payment network. They justified the step by complying with the state sanctions against Russia after its attack on Ukraine.
The company will work with regulators to fully comply with the commitments, Mastercard said. Visa announced that it was also prepared for the implementation of possible further sanctions.
Sanctions are having an effect on financial markets
Like the EU countries, the US had imposed sanctions on Russia and Russian banks and financial institutions. This also includes an exclusion of some financial institutions from the SWIFT system.
This not only resulted in a decline in the national currency, the ruble. Long queues of customers who wanted to withdraw cash formed in front of the ATMs of Russian banks on Sunday and Monday. According to reports, those with international bank accounts also had problems: their Visa and Mastercard credit cards were apparently no longer accepted.