The Bank of Maldives says its customers will be unable to use their cards in Russia and other regions that have been sanctioned due to the conflict in Ukraine which began after Russia had invaded the Eastern European country.
BML said that the ongoing situation in Ukraine and Russia has affected the global payment landscape.
It said that card networks are closely monitoring and are continuing to take prompt action to ensure compliance with applicable international sanctions.
BML said that based on the actions taken by international governments, regulators, banks, SWIFT, and card networks, its customers will be unable to use the bank's cards in Russia and other regions where current sanctions are applicable.
The Bank also said that their merchants will not be able to receive payments originating from cardholders in these regions.
BML said that in addition to cards and merchant services, international remittance services have also been impacted by these sanctions.
And added that customers will experience significant delays or may be unable to send TTs to banks in Russia or elsewhere where sanctions have been enforced.
