Multiple Russian financial institutions are being blocked from the networks of Mastercard and Visa after governments around the world announced sanctions following Russia’s invasion into Ukraine.
“The invasion by Russian military forces over the past week has been devastating for the people of Ukraine. Our thoughts continue to be with those impacted,” Mastercard CEO Michael Miebach said in a statement on Monday.
“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,” he added.
The Mastercard chief executive also noted that $2 million would be channeled to Save the Children, the Red Cross and the company’s employee assistance fund to further aid those affected by the Russian invasion into Ukraine.
Visa also announced on Monday that it is taking actions to work in compliance with the announced sanctions.
“Visa is taking prompt action to ensure compliance with applicable sanctions, and is prepared to comply with additional sanctions that may be implemented,” Visa said in a statement.
The credit card company added that it would also be providing a $2 million donation to the U.S. Fund for UNICEF.
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JUST IN: Visa, Mastercard blocking Russian banks from networks https://t.co/yNqtopSgtG pic.twitter.com/6nveLe61pU
— The Hill (@thehill) March 1, 2022
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