12:34, 7 May 2022 945 views

Mastercard unveils losses after exit from Russia

Mastercard lost $34 million as a result of its exit from Russia due to the situation in Ukraine. This is stated in the payment system’s presentation to investors for January-March 2022. The amount lost includes reserves for the balances of some sanctioned customers, but the company compensated for that loss by a $30 million reduction in liabilities on some business deals in Russia. PLUSworld.ru also informs that Visa, whose operations were stopped in Russia in March, lost $60 million, according to the payment system’s fiscal second quarter report 2022. Visa and Mastercard decided to suspend their operations in Russia in early March. Their cards issued by Russian banks cannot be used for payments outside the country.