In an echo of the Cold War, MasterCard and Visa have stopped processing payments by some Russian banks after the United States issued sanctions over Russia's recent annexation of Crimea.

A MasterCard representative says the brand has pulled out of Rossiya, Sobinbank and SMP Bank, but is still doing business with all other Russian banks. Reps from Visa could not be reached for comment. RT reports that Visa has also cut off SMP Bank, Sobinbank and Investcapitalbank; both credit card companies are no longer working with Rossiya Bank. The latter issued a statement apologizing to users.

"The management of Rossiya understands the difficulties of clients in the current situation and will do all it can to solve them," the bank said in a statement to RT.

U.S. officials told The Guardian that Rossiya Bank, a favorite of the Kremlin, will be "frozen out of the dollar." The U.S. Treasury Department has named 20 Russian officials and billionaires, some of whom are President Vladimir Putin's closest friends, in its sanctions. The move freezes assets under U.S. jurisdiction and prohibits U.S. banks from doing business with those on the list.

In light of the sanctions, which were announced earlier this week, Standard and Poor's downgraded Russia’s long-term credit rating, citing “heightened geopolitical risk and the prospect of U.S. and E.U. economic sanctions.”

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