U.S. payments firms Visa Inc and Mastercard Inc on Saturday said they were suspending operations in Russia over the invasion of Ukraine, and that they would work with clients and partners to cease all transactions there.
Highlights
- U.S.
- payments firms Visa Inc (V.N) and Mastercard Inc on Saturday said they were suspending operations in Russia over the invasion of Ukraine, and that they would work with clients and partners to cease all transactions there.
- Within days, all transactions initiated with Visa cards issued in Russia will no longer work outside of the country, the company said.
- The move by the payments firms could mean more disruption for Russians who are bracing for an uncertain future of spiraling inflation, economic hardship and an even sharper squeeze on imported goods.
- Visa also said this week it blocked multiple Russian financial institutions from its network in compliance with government sanctions imposed over Moscow’s invasion.