Many companies in the world, have banned their services to russia due to the war in Ukraine. Based on this, US companies such as Facebook, Google, and YouTube have already banned some major commercial services. It has banned its service to service companies. MasterCard announced on monday that it had shut down its payment network service to several Russian financial institutions. This makes it impossible to use the debit or credit card of the Russian Financial bank in russia and abroad. MasterCard also said it would continue to work with market regulators to make decisions.
We already know that the United States, Canada, and european allies, have agreed to expel russia altogether from the SWIFT money transfer system. this is nothing but the system that connects more than 11,000 banks and other financial institutions in more than 200 countries and regions.
This has made it impossible to transfer money from russia to other countries, making it impossible for foreigners and foreign companies to invest in Russia. In this case, the debit and credit card service of the people affected by the MasterCard announcement is also affected.
And with the MasterCard ban, Russian people holding MasterCard are queuing up in front of ATMs to withdraw cash from banks. russia has been building its own payment network since the 2014 embargo, which is not expected to have a major impact on MasterCard.
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