More measures have been doled out to hit Russia’s economy due to its invasion of Ukraine. This time, financial services giants Visa and Mastercard have announced that they will suspend their operations in Russia on 5 March.
In the coming days, all Visa transactions will cease which means all transactions made with Visa cards issued in Russia will no longer work outside the country, and any Visa cards issued outside of Russia will no longer work within Russia.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said chief executive officer of Visa, AI Kelly.
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“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.”
Mastercard have said that with their suspension of network services in Russia, “cards issued by Russian banks will no longer be supported by the Mastercard network.”
This includes any Mastercard issued outside of Russia will also no longer work at Russian merchants or ATMs.
Russia’s largest lender, Sberbank Rossii PAO, however, has continued to insist that the sanctions announced by Visa and Mastercard.
However, the central bank did warn that Russians should be prepared to provide alternate modes of payment when they choose to go abroad.
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