Visa and Mastercard credit card companies announced on Saturday the suspension of its operations in Russiathe latest major US firms to freeze business with Moscow over its invasion of Ukraine.
Mastercard said it decided to “suspend network services in Russia,” “taking into account the unprecedented nature of the current conflict and the uncertain economic environment.”
For its part, Visa indicated that it will work “immediately” with its “customers and partners inside Russia to stop all Visa transactions in the coming days.”
“We are compelled to act following Russia’s unprovoked invasion of Ukraine and the unacceptable events we have witnessed,” Visa CEO Al Kelly was quoted as saying in a statement.
Russian Visa and Mastercard bank cards will no longer work abroad, while cards issued abroad will no longer work in Russia, the US groups said.
In recent days, Visa and Mastercard, as well as their competitor American Express, had taken measures to prevent Russian banks from using their networks, in application of international sanctions decided after the Russian invasion of Ukraine.
Source: AFP
