Desk Report
Publish: 01 Mar 2022, 05:47 pm
Photo: Collected
US 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 US, Britain, Europe, and Canada announced new sanctions on
Russia - including blocking certain lenders' access to the SWIFT international
payment system.
Russians
rushed to ATMs and waited in long queues on Sunday and Monday amid concerns
that bank cards may cease to function, or that banks would limit cash
withdrawals.
Russia
calls its actions in Ukraine a "special operation".
Many
Western banks, airlines, and more have cut ties with Russia, calling the
country's actions unacceptable. European nations and Canada have shut their
airspace to Russian aircraft.
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