Following US sanctions on prominent Russian companies, government officials, and businessmen, Visa and MasterCard will stop servicing select banks with ties to sanctioned individuals in Russia.

For these two major payment card issuers, strict sanctions will lead to a drop in overall transaction volume.

Russian cardholders won’t be able to purchase goods, but can still withdraw cash at the sanctioned banks, which include SMP Bank, SobinBank, Bank Rossiya, and InvestCapitalBank,

For Russia, according to President Vladimir Putin, these sanctions could be a jumpstart to the country’s plans to build out its own national payment network and further distance its economy from the West.

According to RT, Putin told the Russian parliament in March: “These systems work in countries like Japan and China, and they work very well. At first they worked nationally, circulating in their own market in their own territory, for their citizens, and now they are becoming very popular.”

Russia’s PRO 100 payment network has been in development for several years, but is set to launch in the coming months.

Prior to the sanctions, it may have been incredibly difficult to wrestle control from Visa and MasterCard, which service 90 percent of cardholders in the country.

Putin said last week that by giving in to the US sanctions, Visa and MasterCard risk “undermining our credibility in them, which means they are absolutely certain to be losing market share.”