Sunday, September 25, 2022

Mastercard Blocks Russia’s Access to its Financial Services

Russia’s refusal to heed pleas from several nations and organizations have led to the disruption of financial services offered by key players in the industry including Mastercard. In a statement by the American payment giant, all of the country’s financial institutions have been disconnected from the payment company’s system as a penalty for remaining resolute in its quest for war.

The war between Russia and Ukraine has been ongoing for a while and doesn’t seem like it is ending soon. This is due to President Vladimir’s refusal to shift grounds that can help end the war. Strict measures have been applied including financial combat but all have proved abortive.

Russia instead has been carrying out more stringent attacks on Ukraine turning a deaf ear to world leaders’ appeals. One of the government of Ukraine’s facilities in Kharkiv was recently destroyed by a launched missile killing 11 people and leaving 35 with wounds.

Some institutions controlling the major world economy have sanctioned Russia, although it is common knowledge that the country is fully backed and supported by rich anonymous individuals and organizations alike. 

Financial reserves in foreign countries for Russia, which is valued at about $600 billion, have been placed on an embargo until the dismissal of the war. Major oil company and distributor, Shell Plc has made plans to withdraw its investments from Russian oil companies.

The European Union has impeded Russian local and foreign flights in its airspace. Even Switzerland which is known for being neutral on such political hassle has also given Putin a cold shoulder as a collective effort to turn him into an outcast.

Consistent Regression on Russian Economy

The halt of financial services from Mastercard, for instance, has plunged the country into a state of economic quagmire. The Russian Ruble, the country’s currency is experiencing a decline in its value and the citizens are joining long queues to withdraw funds from ATMs. Even the FIFA World football organization has sidelined the Russian team in all of its future competitions.

Ethereum (ETH) mining pool, FlexPool is amongst the companies that announced its plan to cut off all bonds with Russian miners all in a bid to lend its voice to the ongoing avoidable chaos. According to CryptoMarketbeat, FlexPool finds it absurd to allow Russian miners to benefit from its pool while the government continues to claim innocent Ukrainian lives.

Russians are beginning to turn against the president but he seems unperturbed and unchanging, not even with the financial restrictions his country has presently been placed on.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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