Visa and Mastercard have banned Russian banks as more Western sanctions roll out

• Visa and Mastercard announced they have blocked certain financial institutions from their networks.
• They cited economic sanctions Western nations have put on Russia after it invaded Ukraine.

Payment processors Visa and Mastercard announced they have blocked certain Russian financial institutions, in line with sanctions that Western nations have put on Moscow for its war on Ukraine.

The move follows pledges from the US and its allies to remove Russian banks from SWIFT, the global financial communications system, among other wide-ranging economic sanctions.

Visa said Tuesday it was "taking prompt action to ensure compliance with applicable sanctions, and are prepared to comply with additional sanctions that may be implemented."

Mastercard said in a Monday press release it had "blocked multiple financial institutions" from accessing its network, though it did not specify names or companies.

Losing the world's top payment networks could add more chaos to the Russian economy as its consumers feel the impact of the harsh Western sanctions.

Russian citizens have been photographed waiting in long lines to withdraw cash, as the value of the ruble has cratered 30%. The central bank has also imposed strict capital controls to prevent people from moving their money out of the country.

Meanwhile, Visa and Mastercard also pledged $2 million each toward humanitarian relief for Ukraine.

"The invasion by Russian military forces over the past week has been devastating for the people of Ukraine," Mastercard said. "Our thoughts continue to be with those impacted."