As a result, these banks will no longer be able to use their payment network.
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Retaliatory measures continue to multiply against Russia. After Apple, Facebook, Instagram or Disney, it is the turn of Visa, Mastercard and American Express to take measures to implement the economic sanctions imposed on Russia after the invasion of Ukraine. The three American payment card issuers decided on Tuesday, March 1, that Russian banks will no longer be able to use their payment network.
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Mastercard has thus “blocked from multiple financial institutions” on its payment network, “in response to orders imposing sanctions”announced the general manager of the company in a message posted 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”adds Michael Miebach.
For its part, Visa declared on its site that it would “take prompt action to ensure compliance with applicable sanctions”. The group also says “ready to comply with additional sanctions that may be implemented”.
As for American Express, while emphasizing that its activities in Russia were “limited”the card issuer claimed that it “respected US and international sanctions since the beginning of the crisis”. That “has caused us to discontinue our relationship with affected banking partners in Russia, and we will continue to comply with all applicable laws as the situation evolves”detailed the group’s CEO, Stephen Squeri, in a message to employees posted on the company’s website.