New Delhi: In another blow to Russia’s financial system, Visa and Mastercard have announced suspension of all operations in the country in the wake of Ukraine’s invasion. Visa said it would work with its customers and partners within Russia to stop all Visa transactions in the coming days.
Once completed, all transactions initiated with Visa cards issued in Russia will no longer operate outside the country and any Visa cards issued by financial institutions outside Russia will no longer operate within the Russian Federation. will not, the company said late on Saturday.
“We are compelled to act after Russia’s unprovoked invasion of Ukraine and unacceptable incidents,” said Visa President and CEO Al Kelly.
“We regret the impact we serve on our valued associates and customers, partners, merchants and cardholders in Russia,” he said.
Mastercard also decided to suspend its network services in Russia.
“This decision follows our recent action to block multiple financial institutions from the MasterCard payment network, as required by regulators globally,” the company said.
MasterCard has operated in Russia for more than 25 years.
Mastercard said, “We have nearly 200 partners that make this company so important to many stakeholders. As we take these steps, we will continue to focus on their safety and well-being, including providing pay and benefits. Is.”
The company said that its cyber and intelligence teams will continue to work with governments and partners around the world to ensure that the stability, integrity and resilience of our systems continue to guide our operations and response to potential cyber attacks.
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