Financial Services

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According to the website Intravel Card, "You can’t use MasterCard in Iran. Due to sanctions, Iran is forbidden to make any USD/EURO transaction to International banking system So, MasterCard in Iran is not accepted nor Credit card and Visa Card or any other debit cards. You can use Iran debit card like IntravelCard instead of MasterCard in Iran."


In their Annual Report filed with the SEC for fiscal year 2021, Mastercard stated that "Iran and Syria have been identified by the U.S. State Department as terrorist-sponsoring states, and we [Mastercard] have no offices, subsidiaries or affiliated entities located in these countries and do not license entities domiciled there."


On March 16, 2016, OFAC issued a Finding of Violation to Mastercard that stated: "The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a Finding of Violation to MasterCard International Incorporated (“MasterCard”) for violations of the Reporting,
Procedures and Penalties Regulations (RPPR), 31 C.F.R. part 501. On October 25, 2007, OFAC designated Bank Melli pursuant to Executive Order 13382 of June 28, 2005, “Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters,” and Bank Saderat pursuant to Executive Order 13224 of September 23, 2001, “Blocking Property and Prohibiting Transactions with Persons who Commit, Threaten to Commit, or Support Terrorism,” and added both parties to the List of Specially Designated Nationals and Blocked Persons (the “SDN List”).

At the time OFAC designated Bank Melli and Bank Saderat, MasterCard held accounts in which Bank Melli or Bank Saderat had an interest. MasterCard had previously taken steps to restrict the above-referenced accounts following the issuance of Executive Order 12959 of May 6, 1995, “Prohibiting Certain Transactions With Respect to Iran” (“E.O. 12959”), which prohibited the exportation of goods, services (including financial services), or technology from the United States to Iran. In the time between the issuance of E.O. 12959 and the above-referenced designations, the Bank Melli and Bank Saderat accounts became dormant on MasterCard’s books, but the assets in the accounts nonetheless remained with MasterCard. MasterCard, however, failed to report the accounts to OFAC as blocked following OFAC’s designation of the banks. By failing to properly report the abovereferenced accounts in which Bank Melli and Bank Saderat had an interest, MasterCard violated § 501.603(b) of the RPPR."


According to its Annual Reports filed with the SEC in 2016, 2017, 2018, and 2019

We identified through our compliance program that for the period covered by this Report, Mastercard processed transactions resulting from:

•certain European acquirers having acquired transactions for consular services with Iranian embassies located in Austria, France and Spain that accepted Mastercard cards
•certain European and Middle Eastern acquirers having acquired transactions for Iran Air, which accepted Mastercard cards, in Austria, France and Qatar


In 2017 the U.S. state of Michigan listed Mastercard as an Iran restricted company rendering Mastercard ineligible for investment and/or state contracting./ "MasterCard does not have any direct links with Iran due to the primary sanctions still in place, said the Central Bank of Iran’s head of Communications and Information Technology Department.


“Although the US-based company provides no services in Iran, negotiations are underway with non-US international companies to offer international credit cards to Iranians, which will come to fruition next year,” Nasser Hakimi was also quoted as saying by ISNA." (March 4, 2017)


An AP review of corporate SEC filings found dozens of companies that have done business in Iran in recent years or said their products or services may have made it there through other channels. Some are household names: PepsiCo, Tyson Foods, Canon, BP Amoco, Exxon Mobil, GE Healthcare, the Wells Fargo financial services company, Visa, MasterCard and the Cadbury Schweppes candy and beverage maker. (Associated Press, "From bull semen to bras, Iran still buys American," July 9, 2008)

No response at this time.