Visa and Mastercard have blocked several financial transactions involving Russian companies and entities. This action comes as a consequence of compliance with US sanctions imposed on the Russian country.

The US companies Visa and Mastercard have complied with sanctions imposed by their country and blocked several financial transactions from their network to various financial institutions in Russia.

Visa said on Monday, February 28, that it is taking immediate action to ensure compliance with the sanctions, and that it will donate $2 million to humanitarian aid. Mastercard, meanwhile, has promised to contribute $2 million as well.

"Given the emergency that is unfolding, we are also working with our partners to manage funding and humanitarian assistance where it may have the greatest impact," the company explains.

According to Reuters, the US government sanctions require Visa to suspend access to its network for entities listed as Specially Designated Nationals. The US has added several Russian financial firms to the list, which includes the Central Bank of Russia and the second largest creditor, the VTB.

This comes after yet another massive cyber-attack on Russian services yesterday, which resulted in the downfall of the website of Sberbank, the largest in Russia and Eastern Europe, as well as Putin's country's Federal Security Service, FSB.