Mastercard Inc. announced late Monday that it had excluded many Russian financial institutions from its payment network following sanctions imposed on Moscow over the Russian military’s invasion of Ukraine.
Mastercard stated that it will continue to work with regulators in the near future in a press release. He also promised to donate $ 2 million to provide humanitarian assistance to the victims of the conflict.
On Saturday, the United States and its allies announced that they would take action against the Russian central bank and exclude many of the largest Russian banks from the international payment system of the Swiss company SWIFT. On Monday, EU sanctions were imposed on Russia’s central bank.
Moscow calls the action of its armed forces in Ukraine a “special operation”.
Many Russians rushed to ATMs and formed long queues on Sunday amid concerns that bank cards could become obsolete or that banks could impose a capital check – limiting the possibility of withdrawals – due to Western sanctions. Russia’s central bank raised its benchmark interest rate dramatically yesterday and announced it would instruct exporters to sell off their foreign exchange reserves.
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