Visa and MasterCard Stop Servicing Several Russian Banks

March 21, 2014, Written By John H. Oldshue
Credit Cards

The sanctions imposed by the US Government on Russia for their annexation of Crimea are now starting to affect the common Russian citizen.

Visa and MasterCard have stopped processing transactions by cardholders at several Russian banks that have been earmarked for sanctions. It is believed that these financial institutions are banks used by many senior Russian officials.

Cardholders at Bank Rossiya, SMP Bank, Sobinbank and InvestCapitalBank are no longer able to use the Visas and MasterCards to purchase products at store level or online. In addition, these cards will not work for cash withdrawals at out-of-network ATM machines. Cash can still be obtained by customers inside these banks.

Russia does not have a national banking payments system.



The information contained within this article was accurate as of March 21, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.