Financial services company Visa announced Saturday that it is suspending its business in Russia in response to the country’s invasion of neighboring Ukraine.
"Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days," Visa said in a
. "Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation."Al Kelly, chairman and chief executive officer of Visa Inc.
"We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia," Kelly said. "This war and the ongoing threat to peace and stability demand we respond in line with our values."Mastercard said in a statement Saturday that it also made the decision to suspend services in Russia due to the "unprecedented nature of the current conflict.
Russia continues to launch airstrikes, shelling, and military operations inside Ukraine in an invasion that has resulted in a humanitarian crisisVolunteers of the civil protection load humanitarian aid onto a truck for the victims affected by the Russian invasion Between Feb. 24 and midnight on Friday, the U.N. recorded 1,085 civilian casualties in Ukraine, including 351 killed and 707 injured. Among those killed were 71 men, 41 women, eight boys, and four girls, as well as 217 adults and 10 children whose sex could not immediately be determined, according to the Office of the U.N. High Commissioner for Human Rights .
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