BREAKING: Mastercard and Visa are suspending 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’s working with clients and partners in Russia to cease all Visa transactions over 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.The suspensions are a follow-up to more limited moves earlier in the week to block financial institutions from the networks that serve as arteries for the payments system.
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