Punjab National Bank confirms Mastercard services for Russia remain suspended.

Punjab National Bank confirms Mastercard services for Russia remain suspended, as Russia moves to push Visa and Mastercard out of its payment market. By Anshul Punjab National Bank (PNB) has reiterated that all network activity for Russia remains suspended for Mastercard. In a customer communication, the bank stated that all Mastercard-related financial transactions and services continue to be restricted for sanctioned customers, in line with global sanctions requirements. The bank also said blocks remain in place across Mastercard systems, including authorisation, clearing and other core functions, for sanctioned customers as defined under applicable sanctions frameworks. The update comes amid reports from Russia indicating further steps to restrict international payment networks in the country. According to Russian media reports cited by Interfax, Alla Bakina, head of the payment system department at Russia’s central bank, said authorities are introducing measures to “force” payment services companies such as Visa and Mastercard to exit the Russian market. She said the companies no longer provide the services they previously offered. Bakina also said Visa and Mastercard cards account for less than 17% of Russia’s payment card market. She added that cards linked to Visa and Mastercard continue to function in Russia through the National Payment Card System (NSPK), which processes transactions within the country. Separately, social media account Visegrád 24 on X said Russia has announced plans to fully remove Visa and Mastercard cards from its payment system, quoting central bank remarks that international payment cards should leave the market. Visa and Mastercard suspended or scaled back operations in Russia following the country’s 2022 invasion of Ukraine, while domestic payment infrastructure has since handled most local transactions. ALSO READ | PhonePe SBI Card SELECT BLACK to see reward points caps, new exclusions from July 1

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