new Delhi. Kotak Mahindra Bank has sent an email to its customers informing that MasterCard and Visa have decided to suspend all network services in Russia due to the current situation in Ukraine. As a result, online transactions using any ATM, POS, or in Russia / Kotak Bank Debit Card that use the MasterCard / Visa network will be rejected. This information has been given by the bank itself.
“Due to the ongoing situation in Ukraine, Mastercard and Visa have decided to suspend all network services in Russia,” the bank said in an email. Therefore, any ATM, POS or online transactions done through Kotak Bank Debit Cards supported by MasterCard/Visa network in Russia will be rejected.
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Companies around the world took tough steps
Mastercard and Visa have announced that they are stopping operations in Russia. This is a new blow to Russia’s financial sector after the invasion of Ukraine. Mastercard announced in the first week of March that Russian bank cards would no longer be supported by its network and that any card issued outside Russia would not work at Russian retailers or ATMs. Due to Russia’s attack on Ukraine, many other companies around the world have taken steps to increase financial pressure on the country and its people.
Tags: mastercard, Russia ukraine war
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