Mastercard loses $30 million for suspending operations in Russia

The company said in its financial statements that international payment system Mastercard lost $30 million in 2022 due to the suspension of operations in Russia, Gazeta.ru reports via RIA Novosti.

“The pre-tax loss of $30 million for the whole of 2022 was directly related to the sanctions imposed and the suspension of our activities in the Russian Federation,” the company said.

The company estimates the total loss from operations in Russia to be $67 million, mainly due to additional personnel costs. However, taking into account the company’s $37 million benefit from lower payments to Russian customers, it resulted in a pre-tax loss of $30 million due to Mastercard’s departure from Russia.

Mastercard Inc. – operator of one of the largest payment systems in the world. International systems Visa and Mastercard announced in early March that they were suspending their operations in Russia.