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Ukrainian American Bar Association

Russian bank SMP says Visa, MasterCard resume payment services

24 Mar 2014 6:01 PM | Anonymous
Visa Inc and MasterCard Inc have resumed services for payment transactions for clients at Russia's SMP bank, whose main shareholders were affected by U.S. sanctions, the bank said on Sunday. Washington imposed additional sanctions on Thursday against 20 Russians for involvement in the Ukraine crisis, including Boris Rotenberg and his older brother Arkady, who received large contracts for the Sochi Winter Olympics. They are co-owners of SMP Bank. SMP had said on Friday that Visa and MasterCard had stopped providing services for payment transactions for clients at SMP bank, which has about 100 branches covering more than 20 Russian cities, according to its website. A spokesperson for Mastercard confirmed it was again serving clients of the bank but did not say why it reversed its decision.   Yahoo.  Read More
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