Visa and Mastercard suspend Russian operations amid ‘shocking and devastating’ invasion Business News

Visa and Mastercard suspend operations in Russia, as President Vladimir Putin steps up his bloody invasion of Ukraine.

Visa said on Saturday it would halt transactions “in the coming days”, adding that once the ban is in place, cards issued in Russia will not work abroad and cards issued abroad will not work. not in Russia either.

“We are compelled to act following Russia’s unprovoked invasion of Ukraine and the unacceptable events we have witnessed,” Visa CEO Al Kelly said in a statement.

Mastercard quickly followed suit, calling Russia’s war on Ukraine “shocking and devastating.” Mastercard’s ban will be similar to Visa’s.

“With this action, cards issued by Russian banks will no longer be supported by the Mastercard network. And, any Mastercard issued outside the country will not work at Russian merchants or ATMs,” the company said in a statement.

“These days have been and will continue to be very difficult, especially for our employees and their families in Ukraine; for our fellow parents and friends in the region; for our colleagues in Russia; and for the rest of us watching from afar,” the company added.

Since the invasion of Ukraine, the value of the ruble has plunged by more than a third to reach an all-time high. This is driving up inflation for Russian households, and all that fear has helped cause extremely long queues at ATMs.

The Ukrainian government had previously called on financial firms to suspend operations in Russia, as Mr Putin’s forces hammered residential areas in Ukraine. The West has shown unprecedented unity in responding harshly to Mr. Putin’s unprovoked incursion, cutting Russia off from the global financial system. Entertainment and tech companies pulled out of Russia and the country’s state broadcaster RT was suspended by US carriers.

Many other companies around the world have also taken steps to increase financial pressure on Russia and its people due to its attack on Ukraine. Some are selling their stakes in Russian companies, like energy giant BP, while others, like Harley-Davidson, have halted product shipments to the country.