MasterCard, Visa Cut Off Some Russian Banks Over U.S. Sanctions

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In an echo of the Cold War, MasterCard and Visa have stopped processing payments by some Russian banks after the United States issued sanctions over Russia’s recent annexation of Crimea.

A MasterCard representative says the brand has pulled out of Rossiya, Sobinbank and SMP Bank, but is still doing business with all other Russian banks. Reps from Visa could not be reached for commentRT reports that Visa has also cut off SMP Bank, Sobinbank and Investcapitalbank; both credit card companies are no longer working with Rossiya Bank. The latter issued a statement apologizing to users

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Via: Mashable: Business

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