Visa and MasterCard Stop Servicing Several Russian Banks
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.
About John H. Oldshue
John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.