1 Mar 2022
Mastercard Announces Suspension of Some Fiscal Institutions over Russia Sanctions
The Index Today
Mastercard Inc. announced on Monday its decision to block several financial institutions from its network following the slew of sanctions imposed on Russia for its invasion of Ukraine.
However, it will cooperate with regulators to ensure seamlessness and compliance with the newly implemented sanctions. The company also announced a donation of $2 million in relief funds.
Visa Inc. also declared its cooperation to comply with current sanctions and assured that they will take the necessary measures to act accordingly in the event of new penalties.
These come as Western nations issued a series of sanctions against Russia after it launched a full scale invasion of Ukraine. The latest measure taken has seen Russia excluded from the SWIFT international payments system which, as per an EU official, will impact 70% of Russia’s economy.