US payment card issuers Visa and Mastercard said they had taken steps to implement sanctions imposed on Russia after the invasion of Ukraine, preventing Russian banks from using their network (AFP/Archives/NICHOLAS KAMM)
US payment card issuers Visa, Mastercard and American Express said they had taken steps to implement sanctions imposed on Russia after the invasion of Ukraine, preventing Russian banks from using their network.
Mastercard has thus “blocked multiple financial institutions” on its payment network “in response to orders imposing sanctions”, indicated the general manager of the company in a message posted on its site Monday evening.
“We will continue to work with regulators in the coming days to fully meet our compliance obligations as they evolve,” added Michael Miebach.
Visa for its part indicated on its site “to take prompt measures to ensure compliance with the applicable sanctions”.
The group also says it is “ready to comply with any additional sanctions that may be implemented”.
While stressing that its activities in Russia were “limited”, the card issuer American Express affirmed that it “has respected American and international sanctions since the beginning of the crisis”.
This “has caused us to discontinue our relationship with the affected banking partners in Russia, and we will continue to comply with all applicable laws as the situation evolves,” Group CEO Stephen Squeri detailed in a message to employees released. on the company’s website.
Like several Western countries, the United States has implemented several sanctions against large Russian banks and several individuals, freezing their assets and/or generally preventing American companies from doing business with them.
For payment card issuers, this means suspending sanctioned entities’ access to their network.
In their message, the bosses of Mastercard and American Express also emphasized closely monitoring the integrity of payment networks, especially in the face of possible cyberattacks.
“Our ‘Cyber & Intelligence’ and ‘Enterprise Security’ teams are working with governments and partners around the world to ensure the stability, integrity and resiliency of our systems, which are operating normally,” Mr. Miebach.
“We are committed to actively monitoring and responding quickly to cyber attacks, the threat of which is significantly heightened in the current environment,” he added.
“American Express takes all necessary steps to detect, prevent and respond to malicious activity through our multi-layered defenses,” Squeri said.
© 2022 AFP
Did you like this article ? Share it with your friends with the buttons below.
