INSUBCONTINENT EXCLUSIVE:
United States credit card giants Visa, Mastercard and American Express said they were blocking Russian banks from their payment networks
following international sanctions in response to Moscow's invasion of Ukraine."As a result of sanction orders, we have blocked multiple
financial institutions from the Mastercard payment network," Mastercard Chief Executive Michael Miebach said in a statement released Monday
night."We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve."Visa said on
its website that it is "taking prompt action to ensure compliance with applicable sanctions, and is prepared to comply with additional
sanctions that may be implemented."While American Express said its business in Russia was "small," it stressed that "since the beginning of
this crisis, we have been complying with United States and international sanctions."Amex CEO Stephen Squeri said that "has resulted in us
halting relationships with impacted bank partners in Russia, and we will continue to comply with all relevant laws as the situation
evolves."The statements follow moves by western governments to sanction Russian banks and Russian nationals as the United States, the
European Union and other powers seek to isolate the country and punish its economy.The steps taken by the credit card firms prevent these
entities and individuals from accessing their platforms.Mastercard also said it is working to guard against cyberattacks, "the threat of
which is heightened significantly in the present environment," Miebach said."American Express is taking all necessary steps to detect,
prevent, and respond to any malicious activity through our layered defenses," said Squeri for his part.
