Mastercard and Visa suspend operations in Russia

Mastercard and Visa announced that they would suspend operations in Russia, essentially depriving cardholders of transactions outside the country in response to the invasion of Ukraine.

The suspensions announced on Saturday evening will prevent Mastercard and Visa cards issued by Russian banks from operating in other countries and prevent holders of cards issued elsewhere from purchasing goods and services from businesses in Russia.

But other transactions can still go through. Cards bearing the Mastercard or Visa logo issued by Russian banks can still work inside the country because transactions are processed by a local processor, officials from both companies said.

In one declaration, Mastercard – which has operated in Russia for more than 25 years – said it did not take the decision lightly. “As we take this step, we join so many others in hoping and committing to a more positive, productive and peaceful future for all of us,” the company said.

Visa noted he planned to “cease” all Visa transactions in Russia “in the coming days”. A company spokesperson said those transactions are expected to be halted within a week.

Al Kelly, President and CEO of Visa Inc., said in a statement, “This war and the continuing threat to peace and stability demands that we respond in accordance with our values.