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MasterCard suspends all services in Russia

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Re: MasterCard suspends all services in Russia

#81

Post by jimbob45 »

mananaysiempre wrote: post #8

As far as I can tell, this will mainly have an impact on people trying to leave, because payments within the country will still work (if badly because the substitute system, NSPK, is shoddy), but the Russian government doesn’t allow crossing the border with more than the equivalent of 10k USD in cash (since several days ago) and most other money transfer companies are refusing service as well. So, for example, previo…

As other threads have stated, outbound Russian flights have been permanently shut down beyond a few weeks from now (and all flights are full). It doesn’t seem to be the case that exit is an option for many Russians, money or not.

Re: MasterCard suspends all services in Russia

#82

Post by veganhouseDJ »

nickysielicki wrote: post #49

It's hard for me to imagine a scenario where these sanctions (not just Mastercard and Visa, but all of it as a whole) are reduced without a total regime change in Russia. This is becoming a massive divestment, and I'm not sure it's a great idea. There's no guarantee that what replaces Putin is going to be more Western and not reactionary. For every Russian that is cosmopolitan and globalist, there's a dozen Russians…

You also can't discount how current pro-Western Russians will feel a year from now from economic collapse and total isolation? Probably not so pro-West anymore.

Re: MasterCard suspends all services in Russia

#83

Post by youngNed »

savant_penguin wrote: post #73
youngNed wrote: post #14

Earlier quoted context omitted.

> shutting down credit card payments will likely impact large portions of online payments. I can't think of a way to reply to this without being trite or insulting, but genuinely, what do you think is the point of a sanction?

My first reaction was "this is going to force a bunch of people to use cash again" But the, maybe obvious to you not to me, consequence is that this could shutdown the entire online marketplace in Russia (at least in the short term) Also I'm not sure I'd call it a sanction since it's coming from a private company, not a government. If I were any country right now I'd also take it as a warning to not depend on Masterc…

This thread has been a real eye opener for me.

I'm not sure that many people realise what economic sanctions mean, as I replied to someone else on this thread:

"As a result of sanction orders, we have blocked multiple financial institutions from the Mastercard payment network. We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve."

Source: https://www.mastercard.com/news/press/2022/february/masterca...

But I'm amazed, why do you think a company would leave money on the table?? PR? Virtue signaling? Really??

Re: MasterCard suspends all services in Russia

#84

Post by ZoomZoomZoom »

colesantiago wrote: post #71

Please do not use crypto no matter how tempting it is to join the Ponzi scheme as I said before and many other critics like Stephen Diehl (@smdiehl), Molly White (@molly0xFFF) (@web3isgreat creator) and more reliable critics. https://news.ycombinator.com/item?id=30512981 Please try use Paypal with a VPN or in another country, Moneygram, Western Union or use cash, better yet use Transferwise (Wise) or buy gift cards t…

Paypal, which you're going to fill up with?..

Re: MasterCard suspends all services in Russia

#85

Post by achikin »

pmalynin wrote: post #40
grandpoobah wrote: post #20

Call me insane, but this feels insane. It would be one thing if Visa/Mastercard were being forced to do this, but for them to take it upon themselves to "pick a side" during a global conflict feels really wrong.

No, its not insane for them to do this -- in fact the opposite. Every person has to make the decision for themselves in the end, this goes all the way to presidents and political leaders. You will either stand by, profit and watch, as a neo-Nazi regime rapes a country -- or you will take a stance. When this is all over people will be asking: Where were you and what did you do when the war was happening?

The people isolated in Russia won’t fight the regime - they’ll have to work for the regime at military facilities literally for food and utilities to provide for their families.

Re: MasterCard suspends all services in Russia

#87

Post by atlantas »

colesantiago wrote: post #71

Please do not use crypto no matter how tempting it is to join the Ponzi scheme as I said before and many other critics like Stephen Diehl (@smdiehl), Molly White (@molly0xFFF) (@web3isgreat creator) and more reliable critics. https://news.ycombinator.com/item?id=30512981 Please try use Paypal with a VPN or in another country, Moneygram, Western Union or use cash, better yet use Transferwise (Wise) or buy gift cards t…

It's almost trolling to suggest another centralized vendor that can lock out people from their money at any time. Paypal is arguably the worst offender in this regard.

Re: MasterCard suspends all services in Russia

#88

Post by prostoalex »

colesantiago wrote: post #71

Please do not use crypto no matter how tempting it is to join the Ponzi scheme as I said before and many other critics like Stephen Diehl (@smdiehl), Molly White (@molly0xFFF) (@web3isgreat creator) and more reliable critics. https://news.ycombinator.com/item?id=30512981 Please try use Paypal with a VPN or in another country, Moneygram, Western Union or use cash, better yet use Transferwise (Wise) or buy gift cards t…

The motivation to trade from rubles to crypto is obvious.

But if you're holding crypto today, what's the motivation to exit and assume a large ruble position?

Re: MasterCard suspends all services in Russia

#89

Post by pjkundert »

Regardless of what side you're on -- this is a wake-up call. If you ever, as a civilian, get on the "wrong" side of any local or global event: you get to freeze on a park bench.

Your keys, your coins. Their keys, their coins.

Anyone who is paying attention, globally, is now realizing that they need to begin moving at least some assets into cryptocurrencies, in their own, personal accounts.

The problem is: BIP-39 is a train-wreck, from any practical security and reliability perspective. Basically, any "normal" person setting up a Crypto account w/ BIP-39 seed recovery is just gonna lose their money. I estimate 10% a year probability of total account loss: probably greater.

Use SLIP-39: https://slip39.kundert.ca/macos. Set up an account. Fund it. Get this done.

Because: you're next...

Re: MasterCard suspends all services in Russia

#90

Post by cm2187 »

mvc wrote: post #78
cm2187 wrote: post #39

Earlier quoted context omitted.

It has been a problem. There is pretty much a duopoly, look at the difficulties you face if they disapprove your business or politics. More competition is long overdue. But we are testing modern finance by weaponising the financial system. The most problematic move I think has been freezing the central bank's reserve. It might achieve the short term gain of hurting Russia, but what about the long term impact on the t…

If you wanna play at autocracy, don't hold foreign reserves in countries that value democracy. Simples

As simple as the economic impact when China reaches this conclusion.
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