With the most recent move by Russia against Putin in its war in Ukraine, things are set to escalate.
The SWIFT system was already blocked for seven Russian banks. While it did affect the Russian Central Bank, it wasn’t going to affect everyone, and the Ukrainian Member of Parliament Oleksandra Ustinova said it wasn’t enough.
Master Card and Visa now say they will suspend their Russian operations.
Starting at:
Visa cards issued in Russia are no longer valid for international transactions. The company also stated that Visa cards issued outside Russia by foreign financial institutions will no longer be valid within Russia, in a Saturday statement.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Al Kelly, chairman and chief executive officer. MasterCard, which provided fewer details on the suspension, said in a statement that given the “unprecedented nature of the current conflict and the uncertain economic environment – we have decided to suspend our network services in Russia.” U.S. lawmakers have called for the companies to halt transactions in Russia.
Russia’s all-cash system is on the verge of being restored.
Volodymyr Zelesky, Ukrainian President, asked for this during his meeting via virtual with Congressmen on Saturday. He also told them that had the Biden Administration “started sanctions months ago, there would not have been war.” While he expressed appreciation for what had been done, he told Fox News’ Trey Yingst that it was a “pity” that the Biden Administration’s help “began after the beginning of this war.”
But it’s not just Mastercard and VISA, it’s a long list of companies cutting Russia off.
⚡️Payoneer, Paypal and Adobe have stopped operations in Russia.
These three businesses have now joined the increasing number of global brands refusing to do business with Russia due to its aggression towards Ukraine.
— The Kyiv Independent (@KyivIndependent) March 5, 2022
I noticed a lot of concerns from people who are freelancers in Russia saying this move by Paypal doesn’t hurt Putin in any way but just cuts off access to money from people who would be opposing him. Unfortunately, in the effort to try to cut off Putin, moves are being made as well that don’t make a lot of sense. One such empty virtue-signaling move that doesn’t seem to make a lot of sense was from the International Cat FederationThe ban on Russian cats competing in competitions was made by the. Is that any way to hold Russia responsible?
They also plan to cut the singers of Metropolitan Opera if they don’t rebuke Putin, as noted in their statement on Anna Netrebko. She’s criticized the war but not Putin so they parted ways with her.
This is the opening paragraph of this Metropolitan Opera press release pic.twitter.com/cufYOVM6k6
— David Gordon (@MrDavidGordon) March 3, 2022
That’s just a bit nuts, too. That’s requiring someone to toe a political line to be able to work and that’s a bad slippery slope to go down.
While people ban cats and cut opera singers, yet, the Biden Administration still buys Russian oil. They’re still using a Russian negotiator in what is sure to be yet another horrible Biden mistake: coming to a new Iran nuclear deal which, as we reported, is very close (and very awful).
This is insane.
BOYCOTT Russian oil & gas.
Don’t bother the cats. https://t.co/qbJUAmOd55
— Ted Cruz (@tedcruz) March 4, 2022
Where’s the cutting off of the Russian government that should be happening from the Biden Administration?
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