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Visa, Mastercard suspend operations in Russia over Ukraine invasion -Breaking


© Reuters. FILE PHOTO – Credit card seen in front the Visa logo displayed in this illustration from July 15, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – U.S. payment firms Visa Inc (NYSE:), and Mastercard Inc. (NYSE:), announced Saturday that Russia was suspending its operations due to the invasion of Ukraine. They also stated they will work together with clients and partners in order to stop all transactions within the country.

According to the company, transactions with Visa cards issued in Russia within days will cease to work internationally and Visa cards that are issued abroad will not work inside Russia.

Al Kelly, the chief executive officer at Visa stated in a statement that “we are forced to act after Russia’s unprovoked invade of Ukraine”

We regret the negative impact it will have on our colleagues and clients as well as merchants, cardholders, partners and customers we serve in Russia. This war and the ongoing threat to peace and stability demand we respond in line with our values.”

Mastercard has announced that Russian-issued cards won’t be supported anymore by Mastercard networks. Russian cardholders will also not have access to Mastercard network accounts.

Mastercard announced that it had decided to suspend its Russian network services due to its recent actions to ban multiple Russian financial institutions, which was required by global regulators.

Visa said that it had blocked several Russian financial institutions from its network this week in accordance with the government sanctions placed on Moscow for their invasion of Ukraine.

Tass News reported that Sberbank Rossii PAO (Russia’s biggest lender) said the sanctions announced by Visa Inc. and Mastercard Inc wouldn’t affect Russian cardholders.

This story has been corrected to correct the headline Master to Mastercard.

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