Visa said on Monday, February 28, it was taking prompt action to ensure compliance with applicable sanctions, adding that it will donate $2 million for humanitarian aid. Mastercard also promised to contribute $2 million.
“We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve,” Mastercard said in a separate statement late on Monday.
The government sanctions require Visa to suspend access to its network for entities listed as Specially Designated Nationals, a source familiar with the matter told Reuters. The United States has added various Russian financial firms to the list, including the country’s central bank and second largest lender VTB.
Russians rushed to automated teller machines and waited in long queues on Sunday, February 27, and Monday amid concerns that bank cards may cease to function, or that banks would limit cash withdrawals.
Russia calls its actions in Ukraine a “special operation.”