Visa, Mastercard to Suspend Operations in Russia

Visa and Mastercard have announced that both companies will be suspending operations in Russia over the invasion of Ukraine.

In a statement, Visa stated that it would cut off transactions over the coming days, and consequently cards issued in Russia would not work abroad as well as foreign issued cards in Russia.

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“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Visa Chairman and Chief Executive Officer Al Kelly said in a statement. “We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia.”

Mastercard issued a similar ban, stating that cards issued by Russian banks will no longer be supported by its network. “We don’t take this decision lightly,” Mastercard said in a statement, adding that it made the move after discussions with customers, partners and governments.

These moves, following a request by Ukrainian President Volodymyr Zelenskyy earlier on Saturday, deal another blow to Russia’s financial sector and are set to further isolate its economy.

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