Products

Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
Reports
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Forecasts
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Charts
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Briefings
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About Insider Intelligence

Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how Insider Intelligence came to be.
Learn More
Methodology
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about Insider Intelligence.
Contact Us
Newsroom
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Events
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Podcasts
Tune in to eMarketer's daily, weekly, and monthly podcasts.
Learn More

Payments industry reacts to Russia’s invasion of Ukraine and international sanctions

The news: Visa and Mastercard blocked multiple Russian financial institutions (FIs) from their networks to comply with government sanctions imposed after Russia invaded Ukraine, per Reuters. Both payment networks also said they are prepared to comply with any future sanctions.

Neither network disclosed which FIs had been cut off, but a source told Reuters they include entities listed by the US as “Specially Designated Nationals.”

What else is happening: The international community has deployed a bevy of escalating sanctions targeting payments and Russia’s financial system in response to the invasion of Ukraine.

  • The US, the UK, the EU, and Canada removed major Russian banks from the Society for Worldwide Interbank Financial Telecommunication (Swift) on Saturday. Swift’s global messaging system facilitates payments for more than 11,000 financial institutions in over 200 countries and territories. Getting cut out of the Swift network could limit export payments for Russia and complicates matters for Russian entities doing business in Western markets.
  • The National Bank of Ukraine (NBU) called on Visa and Mastercard to stop servicing their payment cards issued by Russian banks after the Central Bank of Russia (CBR) said cards issued by six Russian banks would “work throughout Russia without restrictions” despite sanctions, per NFCW.
  • And remittance providers Wise and Remitly suspended their money transfer services in Russia on Monday to comply with sanctions, per Reuters. Wise also waived fees on over £500,000 (around $555,000) transfers to Ukraine intending to help residents receive emergency support.

Why this matters: These sanctions will likely have ripple effects not only on the Russian payments ecosystem, but also on the global payments market.

  • Russian consumers may rely more heavily on cash or other digital payment methods, like cryptocurrencies or Mir, the card-based payment provider supported by the Kremlin in response to US sanctions from annexing Crimea. Consumers in Russia have flocked to banks and ATMs to withdraw foreign currency as the Russian ruble tumbles, per Insider.
  • Zooming out, Visa and Mastercard respectively have 58% and 41% market share of Europe’s global network cards industry, per The Nilson Report. Cutting off Russia may therefore crimp some of the payment networks’ volume in the region.

Related content: For more information on the financial implications of US sanctions on Russia, check out our banking analysts’ take.