Mastercard and Visa are suspending their operations in Russia in the latest blow to the country’s financial system after its invasion of Ukraine. Mastercard said cards issued by Russian banks will no longer be supported by its network and any card issued outside the country will not work at Russian stores or ATMs.
“We don’t take this decision lightly,” Mastercard said in a statement, adding that it made the move after discussions with customers, partners and governments.
Visa said it is working with clients and partners in Russia to cease all Visa transactions over the coming days. Chairman and chief executive officer Al Kelly said: “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed."
