Visa, MasterCard stop supporting bank cards | Fin24
 
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Visa, MasterCard stop supporting bank cards

Dec 29 2014 11:15

(Sukharevskyy Dmytro (nevodka), Shutterstock)

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Moscow - The world's two largest credit and debit card companies, Visa and MasterCar , said on Friday they could no longer support bank cards being used in Crimea, following US sanctions imposed earlier this month.

The United States last Friday prohibited US-registered companies from investing in Crimea or providing services to firms operating there, among sanctions imposed over Russia's annexation of the peninsula from Ukraine.

Visa said in a statement that the sanctions meant it could not offer Visa-branded products and services to Crimea.

"We can no longer support card issuing and merchant/ATM acquiring services in Crimea," it said.

Competitor MasterCard also said that it had to suspend operations with bank cards in Crimea due to the sanctions.

visa  |  mastercard  |  financial services
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