In yet another sanction against Russia, Visa and Mastercard have announced that they will be suspending all operations in the country.
Visa will work with its clients and partners within Russia to cease all transactions over the coming days.
These events will cause all transactions initiated with Visa cards issued in Russia to not work outside the country. Also, any Visa card issued by financial institutions outside of Russia will no longer work within the Russian Federation, the company said late on Saturday.
Al Kelly, chairman, and CEO of Visa said, “We are compelled to act following Russia’s unprovoked invasion of Ukraine and the unacceptable events that we have witnessed. We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants, and cardholders we serve in Russia.”
Mastercard has also decided to suspend its services in Russia.
“This decision flows from our recent action to block multiple financial institutions from the Mastercard payment network, as required by regulators globally,” the company said in an official statement.