Visa, Mastercard block services to Russian banks targeted by sanctions

Visa and Mastercard said they are blocking services to Russian banks, complying with U.S. sanctions levied on the nation amid its war against Ukraine. 

The crippling sanctions are designed to block Russia from tapping the global financial system, ranging from freezing assets at major Russian banks — including the state-owned VTB, and prohibiting U.S. citizens from participating in any transactions with Russia's Central Bank, its National Wealth Fund or the Russia Ministry of Finance.

In a statement issued Monday, Mastercard said it has "blocked multiple financial institutions from the Mastercard payment network." It added that it will continue to work with regulators to comply with requirements "as they evolve."