Russian Banks Blocked From Visa and Mastercard Networks Following Sanctions

Russian Banks Blocked From, Visa and Mastercard, Networks Following Sanctions.

CNBC reports that both Visa and Mastercard have blocked financial institutions from their networks in response to Russia's invasion of Ukraine.

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CNBC reports that both Visa and Mastercard have blocked financial institutions from their networks in response to Russia's invasion of Ukraine.

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Since the invasion began, the U.S. and other global leaders have imposed sanctions aimed at shutting Moscow out of the global financial system.

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Since the invasion began, the U.S. and other global leaders have imposed sanctions aimed at shutting Moscow out of the global financial system.

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According to CNBC, those sanctions effectively blocked U.S. companies and individuals from doing business with any entity on the sanctions list.

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On February 28, the U.S. imposed additional sanctions on Russia's central bank.

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The same day, Mastercard announced that it had blocked several Russian financial institutions from its payment network.

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Mastercard did not name any blocked companies or individuals by name.

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We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve, Mastercard statement, via CNBC.

On March 1, Visa followed suit and released a statement saying that the company had blocked those on the U.S. sanctions list.

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CNBC reports that both of the competing credit giants also pledged $2 million toward humanitarian relief funds for besieged Ukraine.

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On February 26, the U.S., Canada and European allies vowed to remove Russian banks from the interbank messaging system, SWIFT.

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The broad range of sanctions have resulted in the Russian ruble plunging in value.