Visa and Mastercard join sanctions against Russia over its military invasion of Ukraine.
The world’s leading payment processors Visa and Mastercard have joined sanctions against Russia over its military invasion of Ukraine. The American companies announced suspension of operations in the Russian Federation although Russians will be able to use their cards inside the country.Payment firms Visa and Mastercard are suspending operations in Russia as part of the international response to its decision to invade Ukraine. The U.S.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” stated Al Kelly, chief executive officer of Visa Inc. He also expressed regret about the consequences for Visa’s Russian partners, clients and cardholders. 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.U.S. President Joe Biden has welcomed the decisions by Visa and Mastercard in a phone call with Ukraine’s President Volodymyr Zelensky.
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