This bank's customers cannot use their Visa, Mastercard debit cards to make payments in Russia

Kotak Mahindra Bank has sent an email to its customers informing them that Mastercard & Visa have decided to suspend all the network services in Russia due to the ongoing situation in Ukraine. As a result, any ATM, POS, or online transaction conducted in/to Russia using Kotak Bank Debit Cards that uses the Mastercard/ Visa network would be denied, stated the bank.

The bank said in the email: “Due to the ongoing situation in Ukraine, Mastercard & Visa have decided to suspend all the network services in Russia.

Therefore, any ATM, POS or Online transaction made through Kotak Bank Debit Cards in/ to Russia, supported by the Mastercard/ Visa network, will be declined.”

Mastercard and Visa have announced that they are halting operations in Russia, the latest blow to the country's financial sector following its invasion of Ukraine. Mastercard announced in March first week that Russian bank cards will no longer be supported by its network and that any card issued outside of Russia will not work in Russian retailers or ATMs.

Due to Russia's attack on Ukraine, many other companies throughout the world have taken steps to raise financial pressure on the country and its people.