VISA will support sanctions against Russia

(ORDO NEWS) — The international payment system Visa has officially announced that it will take action in connection with the sanctions against Russia.

Unfortunately, this is only the first news from international payment systems. There will be more restrictions in the future

“Visa is taking prompt action to enforce the applicable sanctions and stands ready to comply with additional sanctions that may be imposed,” the company said in a statement.

In addition, the company will provide a $2 million grant to the UNICEF Fund for humanitarian assistance to the people of Ukraine. Visa will also double all employee donations (up to $1 million) to UNICEF and Red Cross response funds in Ukraine.

What has already happened with payment systems?

VISA will support sanctions against Russia 2

Earlier it became known that Visa suspended the provision of services to Promsvyazbank, as it fell under US sanctions.

“Domestic and international transactions on Visa cards of this bank or in trade and service enterprises served by this bank will not be processed by the Visa payment system,” the company said. However, in Russia, payment system cards will continue to work.

To date (March 1, 2022), VTB, Otkritie, Sovcombank, Novikombank and Promsvyazbank have been sanctioned. Their assets will be blocked in the United States, and they will also be prohibited from cooperating with American counterparties.

MasterCard also said it supports a number of sanctions. The system has blocked access to several Russian financial institutions, but the list of MasterCard companies has not yet been shown.

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