Visa and Mastercard will both suspend operations
in Russia
Transactions to be cut off after Ukrainian president
Volodymyr Zelenskiy urged companies to take action
Nadeem
Badshah
Sat 5 Mar
2022 23.55 GMT
Visa and
Mastercard have announced tonight they will be suspending operations in Russia
over the invasion of Ukraine.
Visa said
in a statement that it would cut off transactions “over the coming days” and
consequently cards issued in Russia would not work abroad as well as foreign
issued cards in Russia.
Alfred
Kelly, chairman and chief executive officer of the US-based digital payments
company, said: “We are 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.”
Mastercard
issued a similar ban, stating that cards issued by Russian banks will no longer
be supported by its network.
The
US-based company added that any Mastercard issued outside the country would not
work at Russian merchants or ATMs.
Mastercard
said: “For more than a week, the world has watched the shocking and devastating
events resulting from the Russian invasion of Ukraine.
“Our colleagues,
our customers and our partners have been affected in ways that most of us could
not imagine.
“We don’t
take this decision lightly. 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 wellbeing, including
continuing to provide pay and benefits.”
The
Ukrainian government had previously called on the financial companies to
suspend operations in Russia. President Volodymyr Zelenskiy had urged the
companies to take this action when he talked by video to American members of
Congress earlier today.
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