Ukraine crisis: Mastercard and Visa pull out of Russian banks as companies respond to invasion

US payment card companies Visa and Mastercard have blocked many Russian financial institutions from their networks, becoming the latest companies to take action to disrupt Russians’ daily lives.

oth Visa and Mastercard pledge $2 million in humanitarian aid to each Ukrainian while cutting access to many Russian financial firms, which would leave many Russians unable to pay transactions electronic. This move comes in the context of the West increasing a series of sanctions that will affect the lives of ordinary Russians as well as Russian business interests around the world.

The Moscow Stock Exchange will be closed for the second day in a row today as the ruble continues to suffer, losing a third of its value in two months. One Ruble is currently worth less than 1c.

Energy giants Shell and BP are the latest to announce they are pulling out of the Russian market following Moscow’s invasion in December. Ukrainewhile Youtube also announced it had effectively blocked sites linked to Russian media channels RT and Sputnik with immediate effect on Tuesday morning.

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Facebook and Twitter have limited access to some Russian media but have not shut them down to Russians, fearing that they will cut off a means of voicing dissent. from within Russia.

The EU Commission also announced on Tuesday that it would propose a complete ban on state-backed media organizations right across Europe.

Walt Disney and Warner Bros. announced they were pulling movies out of Russian theaters while Volvo, GM, BMW, Audi and Mercedes all blocked exports to Russia,

In a move that will severely hamper shipping, Maersk has announced that it will stop shipping all containers to Russia due to the war in Ukraine launched by Putin.

Late last week, the US, UK, Europe and Canada announced new sanctions against Russia – including blocking some lenders from accessing the SWIFT international payments system.

Russians flocked to ATMs and waited in long lines on Sunday and Monday amid fears that bank cards could stop working or that banks would restrict cash withdrawals.

Many Western banks, airlines and more have severed ties with Russia, calling its actions unacceptable. European countries and Canada have closed their airspace to Russian planes. Ukraine crisis: Mastercard and Visa pull out of Russian banks as companies respond to invasion

Fry Electronics Team

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