Visa, Mastercard block Russian financial institutions

USA payment card companies Visa Inc and Mastercard Inc have suspended several Russian financial institutions from their networks in compliance with government sanctions imposed on Moscow's invasion of Ukraine. 

Visa said on Monday that it was taking immediate action to ensure compliance with current sanctions, adding that it would donate $ 2 million to humanitarian aid. Meanwhile, Mastercard also promised to donate $ 2 million. The company said in a statement that it will continue to work with regulators in the days ahead to abide fully by its compliance obligations as it evolves. 

Government sanctions require Visa to suspend access to networks of companies listed as specially designated citizens. The United States of America has added various Russian financial companies to the list, including the country's central bank and VTB.

On Saturday, the United States of America, Europe and Canada announced new sanctions against Russia, including blocking access to the international payment system SWIFT.

Many companies including western banks, airlines and others have cut ties with Russia due to the unacceptable action taken by the country. European nations and Canada have also shut their airspace to Russian aircraft.