Seeking Alpha – 12/29/14: According to Visa’s (NYSE:V) Russian press releases, the company is no longer able to offer services in Crimea after the U.S. escalated sanctions. The sanctions are part of the response to Russia’s annexation of Crimea. Visa and MasterCard (NYSE:MA) have been ordered to stop all services in Crimea as part of an executive order (#13685) from the Obama administration. Previously, V and MA stopped processing transactions at four banks within Russia which resulted in Russia passing a law to create a national payment system. Under the Russian law, foreign firm such as V and MA will face fines for denying services.
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