Mastercard blocks several financial institutions due to sanctions against Russia

A Mastercard logo is seen on a credit card in this August 30, 2017 illustration. REUTERS/Thomas White

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Feb 28 (Reuters) – Mastercard Inc said on Monday evening it had blocked several financial institutions from its payment network following sanctions imposed on Russia following Moscow’s invasion of Ukraine.

Mastercard will continue to work with regulators in the coming days, the company said in a statement. He also pledged to donate $2 million for humanitarian aid.

Furthermore, Visa Inc (VN) stated in a declaration that it is taking steps to ensure compliance with the sanctions and that it will also comply with any additional sanctions that may be implemented.

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On Saturday, the United States and its allies said they would take action against Russia’s central bank and exclude some of the country’s banks from the SWIFT international payment system. Read more

Russia calls its actions in Ukraine a “special operation”.

Russians rushed to ATMs and waited in long lines on Sunday, fearing bank cards would stop working or banks would limit cash withdrawals after Western sanctions. Read more

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Reporting by Maria Ponnezhath in Bangalore; Editing by Christian Schmollinger and Kenneth Maxwell

Our standards: The Thomson Reuters Trust Principles.

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