Card payment behemoths Visa and Mastercard suspended operations in sanctions-hit Russia, the companies said . The two payments companies became the latest US multinationals to join a host of other companies such as Microsoft and Apple in announcing curbs after Russia’s invasion of Ukraine.
“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 in a statement.
“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.”
Visa said 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.
Mastercard said it took the decision after receiving perspectives from employees, in addition to people across the industry, consumers and shareholders.
“We have also considered what would be most important to support the continued availability of services, if possible, to impacted people in the region. It’s with all of this in mind – and noting the unprecedented nature of the current conflict and the uncertain economic environment – we have decided to suspend our network services in Russia,” the company said in an official statement.
