Visa and Mastercard have both announced the suspension of their operations in Russia.
Mastercard has announced its decision in a statement issued on Saturday, citing the “unprecedented nature of the current conflict and the uncertain economic environment.”.
According to the company, “Our colleagues, our customers, and our partners have been affected in ways that most of us could not even imagine,” it said in a statement. “This decision is a result of our recent decision to block multiple financial institutions from using the Mastercard payment network, in compliance with regulatory requirements around the world.”
A representative of Mastercard, which has been operating in Russia for more than 25 years, stated that Mastercard will no longer support cards issued by Russian banks.
There are roughly 200 employees of this credit card company in Russia, according to the credit card company’s website. “Any Mastercard issued outside of the country will not be accepted by Russian merchants or ATMs.”
According to a statement released on Saturday, Visa plans to work with its clients and partners in Russia to implement the suspension of all Visa transactions and activities in the country.
On Tuesday, Visa announced that in the coming days “all transactions initiated with Visa cards issued in Russia will no longer be valid outside the country and any Visa cards issued by financial institutions outside of Russia will no longer be valid within the country.”
According to Visa Chairman and CEO Al Kelly, “we are compelled to act following Russia’s unprovoked invasion of Ukraine, as well as the unacceptable incidents we have witnessed.”
We regret any impact this action may have on our valued colleagues and on the clients, partners, merchants and cardholders we serve in Russia and around the world. It is important that we respond in line with our values in the face of this war and the ongoing threat to peace and stability.”