Nuked Visa and MasterCard are suspending operations in Russia in another major blow to the country’s financial system, according to a report from the Associated Press.
Visa says it’s working with partners in Russia to’cease all transactions over the coming days’. Both companies explain that any transactions made with MasterCard or Visa cards wo n’t work outside of Russia.
‘this war and the ongoing threat to peace and stability demand we respond in line with our values,’ visa CEO Al Kelly says.’we regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia,’ he adds.
Anyone with a card issued in Russia will still be able to pay for products and services with MasterCard and Visa cards. Russia’s national payment card system (nspk) will have to handle them instead.
@ MasterCard and @ Visa will be suspending all operations in Russia effective immediately immediately. All operations will be suspended in # Russia.
The announcement comes after Ukrainian president Volodymyr zelensky met with us lawmakers and asked that they halt both companies’ operations in Russia effective immediately.
Visa and MasterCard barred select Russian banks from their networks in response to financial sanctions the US imposed on the country.’this decision flows from our recent action to block multiple financial institutions from the MasterCard payment network, as required by regulators globally,’ says MasterCard.
