Visa and Mastercard suspend all operations within Russia

Visa (V) and Mastercard (MA) said in separate statements that they had suspended operations in Russia due to Moscow’s decision to invade Ukraine.

Visa said that, effective immediately, it would work with its clients and partners within Russia to discontinue all transactions over the upcoming days.

Meanwhile, Mastercard’s decision follows the company’s recent action to block a number of financial institutions from the Mastercard payment network, in line with requirements by regulators across the globe.

With both Visa and Mastercard, cards issued by Russian banks will no longer be supported by the respective payment services provider’s network. Additionally, any cards issued outside of the country will not work at Russian merchants or ATMs.

“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Al Kelly, Chairman and Chief Executive Officer of Visa Inc, said.

“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,” Kelly added.

“Mastercard has operated in Russia for more than 25 years. We have nearly 200 colleagues there who make this company so critical to many stakeholders. As we take these steps, we will continue to focus on their safety and well-being, including continuing to provide pay and benefits. When it is appropriate, and if it is permissible under the law, we will use their passion and creativity to work to restore operations,” Mastercard said in its statement.