Visa and Mastercard said they are blocking services to Russian banks, complying with U.S. sanctions levied on the nation amid its war against Ukraine.
against the U.S. dollar on Monday to less than 1 cent. It regained some ground after Russia's central bank more than doubled its key interest rate to 20% to shore up the currency, but economists are forecasting that the sanctions will pare Russia's economic growth.
"Russian financial markets are under heavy pressure from the West's sanctions, which will damage Russia's GDP significantly," said Adam Slater, lead economist at Oxford Economics, in a Tuesday research report. He predicts that the sanctions will shave the nation's GDP by as much as 6%. Both Visa and Mastercard said they are donating $2 million each toward humanitarian efforts in Ukraine.
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