Credit card and payment giants Visa MastercardIn response to Russian sanctions, financial institutions have been blocked from accessing their networks.

This week Russia launched an unprecedented invasion of UkraineThe U.S., along with other governments worldwide, imposed a string of sanctions to cut off Moscow’s access to the global financial market.

A number of Russian people and institutions were placed in the U.S. last week on a sanctions listAlso known as the Specially Designated Nationals (SDN) list. This list effectively prohibits U.S. businesses and individuals from conducting business with anyone on it. Washington is also included. sanctioned Russia’s central bank on Monday.

Mastercard stated Monday that it has “blocked multiple financial institution” from its payment system. It did not name individuals or companies. It added that Mastercard would continue to cooperate with regulators and adhere to its compliance obligations in the future.

Rival VisaThe company also blocked people on its sanctions lists, saying Tuesday it was “taking prompt actions to ensure compliance with applicable sanction, and is prepared to comply any additional sanctions that might be applied.”

Visa and Mastercard pledged $2 Million to aid the Ukraine’s humanitarian needs.

After the U.S.-Canada and European allies reached an agreement Saturday, it comes as a surprise. remove key Russian banks from the interbank messaging system, SWIFT. This means that Russian banks will not be able communicate securely with other banks outside its borders.

Wide-ranging sanctions caused a drop in value for the Russian ruble. Russian citizens have been also affected by the sanctions. waiting in long lines to withdraw cash from ATMs.

The Vice Prime Minister of Ukraine Mykhailo Fedorov urged major cryptocurrency exchanges to stop Russian users from using their addresses.

Russians could use Bitcoin or other digital currencies to make money. circumvent sanctions and get their money out of the countryBecause cryptocurrencies cannot be controlled or owned by one entity, such as a central bank,

Binance, world’s biggest exchange has announced that it will be closing its doors.ill block the accounts of Russian individuals who have been sanctioned, but stressed that it will not “unilaterally” freeze the accounts of all Russian users.

– CNBC’s Amanda Macias was a contributor to this article.