Mastercard blocks payments in the Russian Federation

Mar 1, 2022 thejournalbiz

Mastercard will work with regulators to “fully meet its obligations,” said Mastercard CEO Michael Miebach.

The US financial corporation Mastercard, has blocked access to its payment system for “Russian financial institutions” due to sanctions imposed in connection with the situation around Ukraine, said in a statement the head of Mastercard Michael Mibach, published on the official website of corporate.

The move comes as the latest ban on sanctions or disconnection from the SWIFT network for the Russian Federation Reuters reports

*Reuters tweet on mastercard

Mastercard blocks multiple financial institutions over sanctions on Russia https://t.co/RfmbnNNOLE pic.twitter.com/N1KU5BuSkV

— Reuters (@Reuters) March 1, 2022

The head of the corporation noted that as a result of the imposition of sanctions, access to the Mastercard payment system was blocked for many financial institutions.

According to Michael, Mastercard will continue to cooperate with regulators in the near future “to fully meet its obligations.”

On February 23, Russian President Vladimir Putin announced a special military operation in Ukraine, as a result of which the situation escalated and now we have a comprehensive war and the invasion has reached the Ukrainian capital, Kiev.