Breaking: Visa, Mastercard Block Russian Banks As Per New U.S. Sanctions

Published by
Breaking: Visa, Mastercard Block Russian Banks As Per New U.S. Sanctions

Visa and Mastercard, the world’s largest card operators, said they had blocked Russian banks from their networks under new U.S. sanction orders. The two also announced $2 million donations each in humanitarian aid to Ukraine.

Their move comes in the wake of some of the strictest U.S. sanctions against Russia yet, which saw several Russian banks blocked from the SWIFT transaction system. Washington also froze the Russian central bank’s overseas holdings, as well as those of several high-ranking Kremlin officials.

Visa said it was taking swift actions to comply with the new restrictions, while Mastercard said it would continue to work with regulators to fully abide by their requirements. Neither firm specified whether there would be a financial impact from the blacklist.

Advertisement

Exodus from Russia

New sanctions against Russia, over its invasion of Ukraine, has seen several companies cut ties with the country. Recently, British oil giant BP said it was exiting its 20% stake in state-owned Russian peer Rosneft, which could see the former take up to a $25 billion hit.

Shell also said it would exit its Russian operations, which it jointly operates with gas group Gazprom. Exchange operators Nasdaq and Intercontinental Exchange also temporarily halted the trading in the shares of Russia-based companies, Reuters reports.

Advertisement

More potential for crypto?

Visa and Mastercard’s blocking of Russian banks, along with strict sanctions against most local lenders could invite more adoption of crypto, especially by citizens who stand to lose access to conventional finance networks.

International banks, including HSBC, have also said they will curb operations in the country.

Russian crypto trading volumes were already seen surging after the first wave of U.S. sanctions, while the ruble slumped against bitcoin and most major altcoins.

Crypto adoption in Russia was on the rise even before the conflict. A government report had estimated that Russians represent about 12% of the world’s holdings. The country has also been identified as a potential destination for crypto mining, particularly after bans in majors China and Kazakhstan.

Advertisement

Share
Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus

Leading cryptocurrency exchange LBank has signed a historic sponsorship deal with the Argentine Football Association…

September 28, 2025
  • 24/7 Cryptocurrency News

ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers

ASTER dominates decentralized perp trading with $42 billion in daily volume. Meanwhile, Wintermute moved $4.8…

September 28, 2025
  • 24/7 Cryptocurrency News

USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure

Native Markets has staked and locked 200,000 HYPE tokens for three years, making USDH the…

September 28, 2025
  • 24/7 Cryptocurrency News

SEC to Decide on Six Spot XRP ETF Applications in October

The U.S. Securities and Exchange Commission (SEC) is preparing for a key week in October…

September 28, 2025
  • 24/7 Cryptocurrency News

Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL

Ripple has partnered with Ondo Finance to combine traditional finance with blockchain technology. This partnership…

September 27, 2025
  • 24/7 Cryptocurrency News

Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows

Ethereum’s exchange supply has dropped by more than 52% from their 2016 levels, hitting a…

September 27, 2025