Visa, Mastercard, and American Express suspended transactions with Russian banks after sanctions.
NEW YORK, UNITED STATES OF AMERICAVisa, Mastercard, and American Express, the three biggest credit card companies in the United States, said that they were cutting off Russian banks from their payment networks because of international sanctions that were put in place because of Moscow’s attack on Ukraine.
“As a consequence of sanction orders, we have suspended access to the Mastercard payment network for several financial institutions,“ Mastercard Chief Executive Michael Miebach said in a statement posted Monday night.
“In the days to come, we will work with authorities to make sure that we fully meet our compliance requirements as they change.”
Via says that it is taking quick steps to make sure it is following the rules and is ready to follow any new rules that are put in place in the future.
It said its business in Russia is “very small,” but it said that “from the start of this crisis, we have complied with the US and international sanctions.”
The CEO of Amex says that this has led to the suspension of ties with the Russian banks that have been affected. “We will continue to follow all applicable regulations as the situation changes,” says Stephen Squeri.
There are a lot of countries that want to punish Russian banks and people because they want to keep Russia isolated and punish it. The declarations come in response.
Credit card companies have made efforts to prohibit these groups and individuals from using their services.
As a result, Mastercard says that it is trying to protect itself from cyberattacks, which have become more dangerous because of the current situation.
“Through our comprehensive protections, American Express is taking all necessary precautions to identify, prevent, and react to any malicious behaviour,” Squeri said.
