© Reuters. FILE PHOTO: A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White(Reuters) – Mastercard Inc (NYSE:) said late on Monday it had blocked multiple financial institutions from its payment network as a result of sanctions imposed on Russia over Moscow’s invasion of Ukraine.
Mastercard will continue to work with regulators in coming days, the company said in a statement. It also promised to contribute a $2 million for humanitarian relief.
Separately, Visa Inc (NYSE:) said in a statement that it is taking action to ensure compliance with sanctions and would also comply with any additional sanctions that may be implemented.
On Saturday, the United States and its allies said they would take action against Russia’s central bank and bar some of the country’s banks from the SWIFT international payments system.
Russia calls its actions in Ukraine a “special operation”.
Russians rushed to ATMs and waited in long queues on Sunday amid concerns that bank cards may cease to function, or that banks would limit cash withdrawals after Western sanctions.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
