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December 29, 2014

MasterCard and Visa halt bank cards service in Crimea

MasterCard and Visa have ceased supporting bank cards in Crimea following the recent US sanctions on the former Ukrainian territory.

By Verdict Staff

MasterCard and Visa have ceased supporting bank cards in Crimea following the recent US sanctions on the former Ukrainian territory.

Under the restrictions imposed over Russia’s annexation of the peninsula from Ukraine, the US has prohibited US-registered companies from investing or providing services to firms operating in Crimea.

The companies, which stopped processing payments at four Russian banks after US sanctions earlier this year, will no longer support card-issuing and merchant or ATM acquiring services in Crimea with ban on offering MasterCard or Visa-branded products and services to the region.

According to a statement from California-based Visa, the limitations will last until the sanctions on the region are in place with the firm keeping a close watch on the developments in Crimea.

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