Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Ukraine has banned payment cards issued by Russian and Belarusian lenders in the country amid the ongoing military invasion.

The National Bank of Ukraine said that transfers initiated to accounts of clients using payment cards issued by banks of the Russian Federation and the Republic of Belarus will no longer be processed.

It has also barred acceptance of payment cards issued by Russian and Belarus banks in the country. This includes transfers, settlements and cash withdrawals using such cards.

National Bank of Ukraine deputy governor Oleksii Shaban said in a statement: “Financial support for the armed aggression against Ukraine must be stopped.

“The cards of the banks of the aggressor states will not work in Ukraine, and the enemy will no longer be able to send funds to them for terrorists and their supporters. The ban on accepting cards from Russian and Belarusian banks is our next step in Ukraine’s financial defence.”

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Russia-Ukraine crisis: Developments in payment space

A number of payment firms and cross-border companies have recently cut ties with Russia due to its military attack on Ukraine and subsequent sanctions announced by the US and its western allies.

According to a recent Reuters report, American digital payment giant PayPal halted accepting new users in Russia.

Visa and Mastercard blocked several Russian financial institutions from their payment network in the wake of sanctions.

Last week, fintech firms Wise and Paysera suspended their payment services to Russia.

They were followed by other fintech firms including Remitly, TransferGo and Zepz, who also moved to restrict their payment services in Russia this week.