(Bloomberg) -- Mastercard Inc. said it got about 4% of its net revenues last year from business linked to Russia, as Western nations level sanctions against the country for its invasion of Ukraine.
The portion of revenue came from business within, into and out of Russia, the credit-card company said in a regulatory filing Tuesday. Ukraine-related business accounted for about 2% of its 2021 net revenues, it said.
“While our global business fundamentals remain strong, Russia and Ukraine are important contributors to our overall company net revenues,” it said.
The U.S. government has banned business with the Bank of Russia, the Russian National Wealth Fund and the Ministry of Finance -- on the heels of additional sanctions targeting major Russian financial institutions. The U.S. and Europe announced a plan to cut some Russian banks off the SWIFT financial messaging system, in response to the invasion.
“Mastercard is working to comply with all required restrictions,” it said. “Given the rapidly changing developments in these markets, we continue to monitor and assess the impact of current and potential future actions of governments and others on our operations, including potential balance sheet and settlement-related exposures.”
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