Visa and Mastercard have disconnected Russian financial institutions from their payment networks in order to comply with federal sanctions placed on Russia for its invasion of Ukraine.
Mastercard CEO Michael Miebach said in a statement on the company’s website that “our Cyber & Intelligence and Corporate Security teams are working with governments and partners around the world to assure the stability, integrity, and resiliency of our systems, which are operating as usual.”
Reports say, Ukraine National Bank Governor Kyrylo Shevchenko wanted the move to put further pressure on Russian President Vladimir Putin and his administration.
One of the most crucial jobs it plays, according to Miebach, is guaranteeing the security of its network and the global payments ecosystem against cyberattacks.
According to Time, the card companies each agreed to provide $2 million for humanitarian assistance to help Ukrainians displaced by the war, a number that the UN anticipates to rise to as many as 5 million.
On the weekend, a group of several of the world’s wealthiest nations banded together to impose its first Swift sanctions against Russia for its invasion of Ukraine, targeting only a few Russian banks.
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