US payment card firms Visa and Mastercard have blocked multiple Russian financial institutions from their network, complying with government sanctions imposed over Moscow's invasion of Ukraine.
Follow Israel Hayom on Facebook, Twitter, and Instagram
Visa said on Monday it was taking prompt action to ensure compliance with applicable sanctions, adding that it will donate $2 million for humanitarian aid. Mastercard also promised to contribute $2 million.
"We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve," Mastercard said in a separate statement late on Monday.
On Saturday, the US, Britain, Europe and Canada announced new sanctions on Russia, including blocking certain lenders' access to the SWIFT international payment system.
The ban came into effect on Monday. VTB Bank PJSC and Bank Rossiya are among the banks now blocked on SWIFT. Other institutions included on the EU list are Bank Otkritie, Novikombank, Promsvyazbank PJSC, Sovcombank PJSC and VEB.RF.
Russians rushed to ATMs and waited in long queues on Sunday and Monday amid concerns that bank cards may cease to function, or that banks would limit cash withdrawals. read more
Many Western banks, airlines and more have cut ties with Russia, calling the country's actions unacceptable. European nations and Canada have shut their airspace to Russian aircraft
