Visa and Mastercard Blocks Russian Businesses Placed on US Sanctions List

Visa and Mastercard have blocked Russian individuals and financial institutions that were placed on a sanctions list called the Specially Designated Nationals list following the invasion of Ukraine. 

“Visa is taking prompt action to ensure compliance with applicable sanctions, and is prepared to comply with additional sanctions that may be implemented. Our thoughts are with the Ukrainian people and all those impacted. We hope for a peaceful resolution soon,” said Visa.

“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,” said Mastercard. 

Both Visa and Mastercard have also pledged to donate to relief efforts in Ukraine conducted by NGOs such as the Red Cross and UNICEF.

As s result of the Visa and Mastercard sanctions, both Apple Pay and Google Pay were disabled in Russia and caused several problems for citizens. 

As of March 7, 2022, both Mastercard and Visa have suspended operations in Russia. 

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