Servicing bank cards of international payment systems Visa and MasterCard has finally ceased in the annexed Crimea.
A corresponding decision was made on August 14 at Genbank (part of the Rossiya bank group), the last credit and financial institution on the annexed peninsula, issuing cards of international payment systems.
The reason for this decision was sanctions against Russian banks imposed in 2014. Genbank had difficulties in answering why they took this step only now, and stated that they are completely switching to the cards "World" of the National System of Payment Cards of the Russian Central Bank.
Visa and MasterCard notified Russian banks about the need to suspend transactions with cards in the occupied Crimea as early as December 2014. Reportedly, the decision of the Central Bank of Russia revoked a license to conduct banking operations of the Sevastopol Bank "VVB".
As a result, many Crimean people suffered, since the main source of funding is the population's deposits.