Both payment card issuers have taken steps to implement US sanctions against Russia.
US payment card issuers Visa and Mastercard said they had taken steps to implement sanctions imposed on Russia after the invasion of Ukraine by preventing Russian banks from using their network.
Mastercard has thus “blocked multiple financial institutions” on its payment network “in response to orders imposing sanctions”, indicated the general manager of the company in a message published on its site Monday evening.
“We will continue to work with regulators in the days ahead to fully meet our compliance obligations as they evolve,” added Michael Miebach.
Visa for its part indicated on its site “to take prompt measures to ensure compliance with the applicable sanctions”.
The group also says it is “ready to comply with any additional sanctions that may be implemented”.
Like several Western countries, the United States has implemented several sanctions against large banks and several Russian individuals by freezing their assets and/or generally preventing American companies from doing business with them.
For payment card issuers, this means suspending sanctioned entities’ access to their network.
In his message, the general manager of Mastercard also underlined to closely monitor the integrity of the payment networks, in particular in the face of possible cyberattacks.
“Our Cyber Intelligence and Enterprise Security teams work with governments and partners around the world to ensure the stability, integrity and resilience of our systems, which are operating normally,” he said. underline.
“We are committed to actively monitoring and responding quickly to cyberattacks, the threat of which is significantly heightened in the current environment,” Miebach added.