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March 1, 2022updated 23 Mar 2022 9:52am

Mastercard, Visa announce compliance with sanctions on Russia

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Payment giants Mastercard and Visa have announced their compliance with sanction orders on Russia following its military invasion in Ukraine.

Mastercard blocked several financial institutions from its payment network in a move to comply with Russia sanctions.

The firm said that it will continue to work with the regulators in the coming days to fully comply with the sanctions as they evolve.

The US-based firm also said that its cyber and intelligence and corporate security teams are collaborating with governments and partners globally to prevent any cyber-attacks on its systems.

Mastercard CEO Michael Miebach said in the statement: “We are committed to active monitoring and rapid response to cyber-attacks, the threat of which is heightened significantly in the present environment.”

Mastercard also announced a $2m humanitarian relief to Ukraine.

In a separate statement, Visa said that it is taking prompt action to guarantee compliance with applicable sanctions.

The firm added that it will comply with additional sanctions as they become effective.

Visa also contributed a $2m grant to the US Fund for UNICEF to aid the humanitarian efforts in Ukraine.

The development follows the decision by the US and its allies to cut off Russia from the SWIFT international payments system as part of increased sanctions targeting the country’s financial system.

The ‘Society for Worldwide Interbank Financial Telecommunication’ or SWIFT is a global network used by banks for cross-border transactions.

Meanwhile, the Russian central bank on Friday said that Google Pay and Apple Pay services will not be available to users of cards issued by Russian banks that have fallen under sanctions.

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