The two biggest financial corporations announced that they suspend operations in Russia, amidst the violent invasion of Ukraine.
In its official statement, Visa clarifies that it will work with its clients and partners within Russia to cease all Visa transactions over the coming days. 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.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said 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. This war and the ongoing threat to peace and stability demand we respond in line with our values.”
In the meantime, their counterparts in Mastercard have stated that cards issued by Russian banks will no longer be supported by the Mastercard network. And, any Mastercard issued outside of the country will not work at Russian merchants or ATMs.
“These have been and will continue to be very difficult days – most of all for our employees and their families in Ukraine; for our colleagues with relatives and friends in the region; for our colleagues in Russia; and for the rest of us who are watching from afar,” – ends Mastercard statement.
Visa and Mastercard are just two of the global companies that joined forces to condemn the Russian war against Ukraine. Earlier, PayPal has also suspended its operations in Russia.
You can also help Ukraine fight with Russian occupants via Savelife.