MasterCard excludes Russian banks

The international payment system Mastercard sent notifications to Russian banks, which are subject to US sanctions, to suspend their participation in the system.

Among these banks are VTB, Otkritie, Sovcombank, Promsvyazbank and Novikombank. Their participation in the system has been suspended from Saturday 26 February.

The notice of suspension of participation addressed to one of the credit institutions indicates that the decision was made due to a violation of the rules of the payment system, since banks should not harm the reputation of the “marks” of the payment system.

According to RBC, the suspension of banks’ participation in the payment system means that Mastercard and Visa cards issued by these banks and their affiliates will not work abroad and in foreign online stores.

 

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