MasterCard and Visa are suspending their operations in Russia, the companies said on Saturday, in the latest blow to the country's financial system after its invasion of Ukraine.
MasterCard saidxjmtzyw cards issued by Russian banks will no longer be supported by its network and that any card issued outside the country will not work at Russian stores or ATMs.
"We don't take this decision lightly," MasterCard said in a statement, adding that it made the move after discussions with customers, partners and governments.
Visa said it's working with clients and partners in Russia to cease all Visa transactions over the coming days.
"We are compelled to act following Russia's unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed," Visa chair and CEO Al Kelly said in a statement.
Sanctions send Russia's national economy into meltdown
2 days agoDuration 2:04International sanctions levied against Russia for its invasion of Ukraine have wreaked havoc on the federation's business owners, stock market and overall national economy. 2:04
Many other companies around the world have also made moves to increase the financial pressure on Russia and its people because of its Feb. 24 attack on Ukraine.
"This war and the ongoing threat to peace and stability demand we respond in line with our values," Kelly said.
