Payment and credit card giants Visa and Mastercard have blocked Russian financial institutions from their networks in response to sanctions targeting Russia after its invasion of Ukraine.
Russia launched an unprecedented invasion of Ukraine, forcing the U.S. and governments around the world to impose a series of sanctions aimed at cutting off Moscow from the global financial system.
Last week, the U.S. placed a number of Russian individuals and financial institutions on a sanctions list called the Specially Designated Nationals list.
It effectively blocks U.S. companies and people from doing business with any individual or entity on that list. Washington also sanctioned Russia’s central bank on Monday.
– CNBC