Mastercard and Visa have blocked a number of Russian institutions from their payment networks in compliance with Western sanctions, the companies announced Monday and Tuesday, as they pledged to work with regulators to enforce any future restrictions amid a plummeting ruble and run on Russian banks.
Visa said it has watched the “tragic scenes in Ukraine with deep sadness and disbelief” and is taking “prompt action” to ensure the company complies with sanctions against Russia, the company announced in a statement.
In a similar statement, Mastercard said it has blocked “multiple financial institutions” from its payment network in response to sanctions.
Neither firm stated which institutions are covered by the sanctions, though the list reportedly features a slew of Russian financial institutions including the country’s second-largest lender VTB, Russia’s central bank and entities designated as “Specially Designated Nationals,” according to Reuters, citing a source familiar with the matter.
Both payment firms said they would continue to work with regulators to implement any further sanctions and each pledged to donate $2 million to Ukraine relief aid.