Credit card giants Visa, Mastercard and American Express announced they are blocking Russian banks and individuals from their payment networks in response to Vladimir Putin’s invasion of Ukraine.
“We have blocked multiple Russian financial institutions from the Mastercard payment network,” Mastercard Chief Executive Michael Miebach said in a statement released Monday night, according to CNBC.
Amex CEO Stephen Squeri said that merican Express is taking all necessary steps to detect and prevent Russian entities and individuals from accessing their platform.
Visa said on its website that it is “taking prompt action to ensure compliance with applicable sanctions, and is prepared to comply with additional sanctions that may be implemented.”
The move comes a week after Russia launched an unprecedented invasion of Ukraine, forcing the U.S. and governments around the world to impose a series of sanctions aimed at cutting off Russia from the global financial system.
