Following the “sanctions”, Mastercard has cut off several Russian financial institutions from its payment system, according to a statement from CEO Michael Mibach.

“As a result of sanctions, we have blocked several financial institutions in the Mastercard payment network. In the coming days, we will continue to work with regulators to fully meet our obligations,” the statement said.

After disconnecting from Mastercard payment system, the cards of these banks will not work abroad in foreign online stores. In Russia, they will be valid, as payments within the country are processed through the internal system of national payment cards.

Mibach also stated that the “invasion of Ukraine by Russian military forces” was destructive for the country’s citizens. “Our thoughts are with the victims,” ​​he added.

In addition, Mastercard works with partners to send humanitarian aid to Ukraine.

Earlier, the US imposed tougher sanctions on VTB, Otkritie Bank, Sovcombank, Promsvyazbank and Novicombank. Their assets and dollar accounts have been blocked, and ApplePay and GooglePay have stopped working for these banks’ cards. Restrictions have also been set for “Sberbank”, but in a milder version. American financial institutions will close all correspondent accounts of the bank, and the assets will not be frozen. Gazprombank, RSBC, Alfa-Bank and Moscow Credit Bank have been subject to sectoral sanctions, which mean that they will be financed with new debt obligations, as well as with the placement of new shares. Restrictions on other transactions (with a maturity of more than 14 days) will apply.