Visa and MasterCard join sanctions on Russian financial institutions

Payment institutions have joined the economic blockade against the Russians.

Photo: NICHOLAS KAMM/AFP/Getty Images

The sanctions that the Russian government is receiving for the invasion of Ukraine have not stopped, since not only various governments of the world have joined, but also private companies, especially from the financial sector.

Mastercard and Visa have determined to block the payment networks of local financial entities due to the military actions undertaken by Russia against Ukraine.

“The invasion of the Russian military forces over the last week has been devastating for the people of Ukraine. Our thoughts continue to be with those affected,” Mastercard CEO Michael Miebach said in a statement Tuesday afternoon.

“As a result of the sanction orders, we have blocked several financial institutions from the Mastercard payment network. We will continue to work with regulators in the coming days to fully meet our compliance obligations,” she added.

Michael Miebach added that the company will donate $2,000,000 to Save the Children, the Red Cross and the company’s employee relief fund to help those affected by the Russian invasion.

Meanwhile, Visa also announced that it is taking steps to work to comply with the sanctions.

“Visa is taking immediate steps to ensure compliance with applicable sanctions and is prepared to comply with the additional sanctions that may be implemented”, reported the company in a statement.

The financial entity added that it will also help with a donation of $2,000,000 dollars to the United States Fund for UNICEF.

“All of us at Visa have watched the tragic scenes in Ukraine with deep sadness and disbelief. Our hearts go out to the many individuals and families seeking safety, refuge and peace following the invasion of Ukraine,” a company statement said.

Various nations of the world, including the United States, have expressed their open rejection of the military actions that have been ordered from Moscow against the Ukrainian people, which is why various global companies have decided to join the economic blockade against the Russians.

Sanctions from the international community have targeted Russian President Vladimir Putin, the Foreign Minister, certain banks in the SWIFT international banking system, Russian elites and their families, sovereign debt, and a host of financial institutions.

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