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Tuesday, March 1, 2022

Visa and Mastercard Freezes Russian Accounts

The United States and European Commission and its allies are joining in imposing tough sanctions against Russia in counter to the invasion of Ukraine. To paralyze their international payment systems, US payment card firms Visa Inc and Mastercard Inc have suspended their network support for credit and debit cards. This is to ‘cripple’ multiple Russian financial institutions from their system, from accessing hundreds of billions of dollars in reserves in the West, including freezing funds and assets and making funds available to listed entities and individuals. An act that could lead to financial panic in that country as it tries to pay for its new war.

Visa confirmed that it is taking action to ensure compliance with sanctions and comply with any additional sanctions that may implement in a statement. Issued cards by Visa and Mastercard are no longer available for use with Google Pay and Apple Pay for payments abroad with online stores service registered in countries that supports sanctions. The initiative came after Ukraine’s Vice Prime Minister Mykhailo Fedorov issued a plea on Twitter to block all Russian and Belarussian users to isolate them from the financial network.

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