Fintech Blog

Fintech Companies That Left russia To Protest the russian Invasion

On February 24, russia sent its troops into Ukraine, unleashing a full-scale war. World leaders promised to impose tough sanctions against the country's leadership and kept their word. And fintech does not stand aside. 

This is how fintech leaders react to russia's invasion of Ukraine.

VISA & MASTERCARD


Visa and Mastercard, international payment systems, have declared the entire suspension of financial activities in russia.

From now on, Visa and Mastercard cards issued abroad don’t work in russia. They can’t be used for payment in russian online stores or ATM withdrawals.

However, Visa and Mastercard cards will stay active within the coutry until their expiration date. They can be used for money withdrawal and payment for goods and services on russian online platforms, money transfer from card to card and payment in stores.

APPLE PAY & GOOGLE PAY & SAMSUNG PAY 


Popular payment services Apple Pay, Google Pay and Samsung Pay stopped working in russia.

According to the Central Bank, these services will not be available to Visa and MasterCard cardholders.

russians are left with an alternative solution — the domestic payment service Mir Pay.

WISE


Wise, formerly known as TransferWise, has suspended service to RUB.

note: Wise has one of its oldest offices in Cherkasy, Ukraine. It was there that a team of programmers was assembled, which became the «technological root» of the company.

REVOLUT 


A British fintech firm with an office in Ukraine has prohibited payments to russia and Belarus, joining a growing list of companies leaving the region.

Users may no longer top up their Revolut accounts with cards issued by russian or Belarussian financial institutions.

note: Revolut, whose founders include Ukrainian Vladislav Yatsenko, takes the russian invasion of Ukraine deeply personally. 

both companies: Both Wise and Revolut waived commission on transfers to Ukraine. Wise also set a limit of $2,500 on remittances into Ukraine, citing the difficulties of money transfering.

REMITLY


One of the leading international money transfer services Remitly also stopped supporting money transfers to russia.

BREX


To comply with a U.S. executive order, the all-in-one finance solution for growing businesses has suspended cash and card transactions to and from Ukraine but said it was working on the way to minimize the impact on consumers in the region.

Card transactions are banned in sanctioned regions of Ukraine, which currently include Crimea, Donetsk, and Luhansk. However, transactions in non-sanctioned regions are permitted.

note: Brex uses the Mastercard and Visa networks to support its customers' transactions.

PAYSERA


Paysera, a Lithuanian fintech business that specializes in money transfers, has halted serving operations in russian rubles, freezed russian clients' accounts, and prohibited transfers to russian and Belarusian financial institutions.

JCB


JCB, a Japanese payment corporation, has ceased operations in russia.

As a result, JCB cards issued in russia will no longer work abroad. All cards issued outside the country will no longer be supported in russia as well.

AMERICAN EXPRESS


The financial company, which issues credit and payment cards, ended the cooperation with russian banks.

note: American Express has a few business ties in russia, including one partner that issues cards and several more who use merchant acquiring to complete payments, the company added.

BINANCE 


From March 9, the cryptocurrency trading platform no longer operates with Mastercard and VISA cards issued in russia. 

note: Earlier, a spokesperson for Binance stated that Binance would not unilaterally freeze russian users' accounts despite Ukraine's requests.

COINBASE  


American cryptocurrency exchange Coinbase blocked over 25 thousand russian-linked wallets. It is alleged that they could have been used to engage in «illegal activities».

note: Coinbase CEO Brian Armstrong has spoken out against proposals to prohibit russians from using the cryptocurrency exchange completely. According to Armstrong, «exchange is merely a tool as the ruble's value plummets as a result of the sanctions».

PAYPAL


PayPal Holdings Inc.'s payment company stopped providing services to russian clients on Saturday, March 5.

On March 18, PayPal will also block russians e-wallets.

note: PayPal's operations money transfer service Xoom has also been halted.

SWIFT


The EU cut off seven russian banks from the international interbank system SWIFT. The list includes:

  • «VTB» bank
  • bank «russia»
  • bank «Otkrytie»
  • «Novikombank»
  • «Promsvyazbank»
  • «Sovkombank»
  • «VEB. RF»

In particular, russians had been deprived of making international payments and money transfers from or to russia.

PAYONEER


The Payoneer payment system has terminated access to its services for new clients in russia and has fulfilled its obligations to its current global partners and clients operating in russia.

WESTERN UNION


The Western Union company has stopped sending money transfers through the russian site and mobile application. According to RBC, this was due to the low demand for intra-russian transfers in the market.

The suspension will also affect Belarusians. This decision will come into force on March 24.

MONEY GRAM


Payment system MoneyGram suspended its service in russia.