NEW: Visa and mastercard are suspending payment processing services in Russia, citing its ongoing invasion of Ukraine. PayPal announced a similar move earlier on Saturday. nikhileshde reports
it would suspend all its network services in Russia, which sent military forces into Ukraine at the end of February.
"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," said Visa's statement, which was attributed to global communications vice president Andy Gerlt.
In the press release, Visa Inc. Chairman and CEO Al Kelly said that the company"was compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed. 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.
Similarly, Mastercard said that in addition to blocking some Russian financial institutions, it will end support for any cards issued by Russian banks and block transactions from cards issued outside Russia but used"at Russian merchants or ATMs."sent by PayPal CEO Dan Schulman announcing a similar shutdown.reportedly told ReutersCompanies have been under public pressure to suspend operations in Russia due to its invasion of Russia.
"Operations on them are processed within the country in the National Payment Card System, and sanctions do not affect them," the central bank said."Customer funds on accounts linked to such cards are fully preserved and available."Rearranges certain paragraphs, adds context, adds Russian central bank statement.
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