Russian media reported that after Visa and Mastercard stopped operating in the country due to the invasion of Ukraine, the country has switched to the Chinese card system. There are also reports that Russia’s Sberbank plans to issue a card with China’s UnionPay after Mastercard and Visa ceased operations in the country. Additionally, American Express announced Sunday that it would end all cooperation with sanctioned Russian banks and Belarus.
During the Russia-Ukraine war, Vladimir Putin’s administration has faced major sanctions from Mastercard. Our decision is not taken lightly, we stated in a statement. Visa said it is working closely with its clients and partners to cease all Visa transactions in Russia over the next few days.
Russia-Ukraine war: American Express suspends all operations amid crisis
American Express announced that it would suspend all operations in Russia in response to Russia’s unjustified attack on the people of Ukraine.
Meanwhile, American Express CEO Stephen Squeri, in a memo to employees, explained that the Russian invasion of Ukraine and the threat to peace and stability demand that the company align itself with its principles and rationale. Additionally, the ban comes a day after Mastercard announced it had suspended network connections across Russia in response to its military advances in Ukraine.
Paytm reacts to Mastercard, Visa suspending operations in Russia: Founder says ‘shouldn’t trust’
Vijay Shekhar Sharma, the founder of Paytm, stressed the importance of ‘Atmanirbharta’ (self-reliance). The Paytm founder added that “we shouldn’t rely on other countries’ systems being reliable.”
As a result of Russia’s attack on Ukraine, numerous companies around the world have also taken action to increase financial pressure on it and its people. BP and Harley-Davidson are selling their stakes in Russian companies, while others are halting shipments to the country.