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My first reaction was "this is going to force a bunch of people to use cash again" But the, maybe obvious to you not to me, consequence is that this could shut

My first reaction was "this is going to force a bunch of people to use cash again" But the, maybe obvious to you not to me, consequence is that this could shutdown the entire online marketplace in Russia (at least in the short term) Also I'm not sure I'd call it a sanction since it's coming from a private company, not a government. If I were any country right now I'd also take it as a warning to not depend on Mastercard or Visa given the immense power they hold

youngNed 5y ago
This thread has been a real eye opener for me. I'm not sure that many people realise what economic sanctions mean, as I replied to someone else on this thread: "As a result of sanction orders, we have blocked multiple financial institutions from the Mastercard payment network. We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve." Source: https://www.mastercard.com/news/press/2022/february/mastercard-statement/ https://www.mastercard.com/news/press/2022/february/masterca... But I'm amazed, why do you think a company would leave money on the table?? PR? Virtue signaling? Really??
sofixa 5y ago
> Also I'm not sure I'd call it a sanction since it's coming from a private company, not a government. It's following sanctions, which blacklist all big Russian banks and remove them from international banking and financing arrangements. Even if Visa/MasterCard aren't explicitly prohibited from dealing in Russia, how are they supposed to move money around with the sanctions in place? It's because of the sanctions. > If I were any country right now I'd also take it as a warning to not depend on Mastercard or Visa given the immense power they hold They can try not invading other countries, that seems to do the trick. Joking aside, countries like France have their own independent networks ( Carte Bleue in France) over which payments pass in some scenarios ( honestly couldn't tell, but for instance there are weird cards from some banks that only work on the CB network and don't outside of France, even if they're supposedly Visa/MC).
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youngNed 5y ago

This thread has been a real eye opener for me. I'm not sure that many people realise what economic sanctions mean, as I replied to someone else on this thread: "As a result of sanction orders, we have blocked multiple financial institutions from the Mastercard payment network. We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve." Source: https://www.mastercard.com/news/press/2022/february/mastercard-statement/ https://www.mastercard.com/news/press/2022/february/masterca... But I'm amazed, why do you think a company would leave money on the table?? PR? Virtue signaling? Really??

sofixa 5y ago

> Also I'm not sure I'd call it a sanction since it's coming from a private company, not a government. It's following sanctions, which blacklist all big Russian banks and remove them from international banking and financing arrangements. Even if Visa/MasterCard aren't explicitly prohibited from dealing in Russia, how are they supposed to move money around with the sanctions in place? It's because of the sanctions. > If I were any country right now I'd also take it as a warning to not depend on Mastercard or Visa given the immense power they hold They can try not invading other countries, that seems to do the trick. Joking aside, countries like France have their own independent networks ( Carte Bleue in France) over which payments pass in some scenarios ( honestly couldn't tell, but for instance there are weird cards from some banks that only work on the CB network and don't outside of France, even if they're supposedly Visa/MC).

deleted 5y ago

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