Mastercard & Visa Announce They Are Suspending Operations In Russia

Mastercard and Visa recently announced that they are suspending their operations in Russia due to Russia’s invasion of Ukraine.

Mastercard said moving forward, its network will no longer support cards issued by Russian banks. It also said any card issued outside the country will not work at Russian stores or ATMs, the Associated Press reported.

“We don’t take this decision lightly,” Mastercard said in a statement, adding that it decided to speak with customers, partners, and governments.

Visa is in the works with clients and partners in Russia to stop all Visa transactions within the coming days.

“We are compelled to act following Russia’s unprovoked invasion of Ukraine and the unacceptable events that we have witnessed,” Visa Chairman and Chief Executive Officer Al Kelly said in a statement.