Visa, Mastercard: Won't Block Access to Clients at Russian Banks Despite US, EU Sanctions
30 July 2014 - 7:41PM
Dow Jones News
By Olga Razumovskaya
MOSCOW--Visa Inc. (V) and MasterCard Inc. (MA) said Wednesday
they will not block access to debit and credit card services for
clients at Russian banks which were sanctioned by the United States
and the European Union on Tuesday.
Both companies issued statements saying that the new round of
tougher sanctions by the West on Russia will have no effect on
their business in the country or have any impact on those banks'
clients.
"Today's actions are specific to certain banks' access to the
U.S. capital market. They do not impact our business," a
spokesperson for MasterCard said. Visa also said in its statement
that it's "operating as usual."
The U.S. placed Russia's second-biggest lender VTB Group, as
well as the Bank of Moscow and the Russian Agricultural Bank on the
sanctions list Tuesday. The EU has also slapped Russian banks with
sanctions that would make it difficult for state-owned Russian
banks to raise capital on European markets.
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