The world’s leading payment processors Visa and Mastercard have joined sanctions against Russia over its military invasion of Ukraine. The American companies announced suspension of operations in the Russian Federation although Russians will be able to use their cards inside the country.
Card Payment Giants Visa and Mastercard Add to Pressure on Russia Over Ukraine War
Payment firms Visa and Mastercard are suspending operations in Russia as part of the international response to its decision to invade Ukraine. The U.S.-based financial services corporations revealed Saturday they’ll be working with clients and partners to terminate transactions through their systems. Visa explained that once it takes the necessary steps, “all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.” “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” stated Al Kelly, chief executive officer of Visa Inc. He also expressed regret about the consequences for Visa’s Russian partners, clients and cardholders. Mastercard is suspending services in Russia as well. “For more than a week, the world has watched the shocking and devastating events resulting from the Russian invasion of Ukraine,” it said in a statement. Mastercard noted it had recently blocked a number of financial institutions from its payment network as required by regulatory bodies and elaborated:Cards issued by Russian banks will no longer be supported by the Mastercard network. And, any Mastercard issued outside of the country will not work at Russian merchants or ATMs.
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