Mastercard and Visa are suspending their operations in Russia in the latest blow to the country's financial system after its invasion of Ukraine.
That's pushing up inflation for Russian households, and all the fear has helped cause long lines at ATMs.around the world have also made moves to increase the financial pressure on Russia and its people because of its attack on Ukraine. Some are selling their stakes in Russian companies, such as energy giant BP, while others like Harley-Davidson halted product shipments to the country.
"This war and the ongoing threat to peace and stability demand we respond in line with our values," Visa's Kelly said. The moves by Mastercard and Visa could make real differences to their bottom lines. Russia accounted for 4% of all of Visa's net revenue in its last fiscal year, including money made from domestic and cross-border activities. Ukraine accounted for about 1%, Visa said in a filing with U.S. securities regulators this week.
Mastercard said in its own filing that about 4% of its net revenues during 2021 came from business conducted within, into and out of Russia. Another roughly 2% was related to Ukraine.
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