Mastercard Inc blocks several financial institutions, cites sanctions on Russia

Mastercard Inc said it had blocked multiple financial institutions from its payment network as a result of sanctions imposed on Russia over Moscow's invasion of Ukraine. Mastercard will continue to work with regulators in coming days, the company said in a statement. It also promised to contribute a $2 million for humanitarian relief.

On Saturday, the United States and its allies said they would take action against Russia's central bank and bar some of the country's banks from the SWIFT international payments system.

Russians rushed to ATMs and waited in long queues on Sunday amid concerns that bank cards may cease to function, or that banks would limit cash withdrawals after Western sanctions.