(New York) Credit card operators Mastercard and Visa are suspending operations in Russia, the two companies announced on Saturday, in the latest blow to the country’s financial system following its invasion of Ukraine.
Posted at 5:51 p.m.
Updated at 6:31 p.m.
Mastercard said cards issued by Russian banks would no longer be supported by its network and any card issued outside the country would not work in Russian stores or ATMs.
“We do not take this decision lightly,” Mastercard said in a statement, adding that it took this step after discussions with customers, partners and governments.
Visa said it was working with customers and partners in Russia to end all Visa transactions over the next few days.
“We are compelled to act in the wake of Russia’s unprovoked invasion of Ukraine and the unacceptable events we have witnessed,” Visa Chairman and CEO Al Kelly said in a statement. .
Many other companies around the world have also taken steps to increase financial pressure on Russia and its people due to its attack on Ukraine.
“This war and the ongoing threat to peace and stability demands that we respond in accordance with our values,” Kelly said.