As more and more companies receive sanctions from the West for being affiliated to Russia, tech companies are pulling out of the Kremlin in their droves in solidarity with Ukraine. Financial institutions with customer bases globally are also daily fine-tuning their operations so they are not in the wrong by any means.
One of such companies is Flutterwave who said in a statement it will not process transactions involving sanctioned Russian financial institutions. The company explains that it is firmly committed to complying with the sanctions laws and regulations of the jurisdictions in which it operates.
It in fact put together a Restricted Business List where businesses the fintech considers to be prohibited are listed and their information.
According to Flutterwave, “all major card networks have announced that they are ceasing services to Russian financial institutions. This means transactions involving Russian-issued cards will be unsuccessful. Additionally, Flutterwave will not process transactions involving sanctioned Russian financial institutions. We encourage you to ensure compliance with relevant sanctions regulations in your jurisdiction.”
