PNB Suspends MasterCard Transactions Related to Russia Amid Sanctions
PNB customer alert: PSU bank suspends MasterCard network activity linked to Russia
Image: The Economic Times
Punjab National Bank (PNB) has suspended all MasterCard transactions linked to Russia due to international sanctions. Customers are advised that these restrictions apply globally, affecting all sanctioned entities. Additionally, complimentary airport lounge access for PNB MasterCard Platinum Debit Card holders will be discontinued from June 2026.
- 01PNB has suspended MasterCard network activities related to Russia as part of compliance with international sanctions.
- 02All financial transactions and services involving sanctioned customers are prohibited, regardless of their location.
- 03The bank has also discontinued complimentary airport lounge access for MasterCard Platinum Debit Card holders effective June 1, 2026.
- 04PNB's fixed deposit interest rates range from 3% to 6.60% for general citizens, with senior citizens earning up to 7.10%.
- 05The restrictions on MasterCard activities include blocks on authorization and clearing for all sanctioned customers globally.
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Punjab National Bank (PNB) has announced the suspension of all MasterCard network activities linked to Russia, adhering to international sanctions. The bank emphasized that financial transactions and services involving sanctioned customers are strictly prohibited, irrespective of their location. PNB stated, “All network activity for Russia remains suspended,” highlighting that blocks are in place across MasterCard systems for authorization and clearing. This decision aligns with reports indicating Russia's efforts to eliminate Mastercard and Visa from its domestic market. Furthermore, PNB has informed its MasterCard Platinum Debit Card users that the complimentary airport lounge access will be discontinued starting June 1, 2026. In addition, the bank has revised its fixed deposit interest rates, offering rates between 3% and 6.60% for general citizens, and up to 7.10% for senior citizens, effective from the same date.
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The suspension of MasterCard transactions will affect customers engaging in international transactions with Russian entities, limiting their access to financial services.
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