Mastercard and Visa said they would suspend operations in Russia, effectively severing cardholders therefrom transactions outside the country in reaction to the invasion of Ukraine.
In a statement, Mastercard said it had not made the decision lightly. “As we take this step, we join with so many others in hoping for and committing to a more positive, productive and peaceful future for us all,” the company said.
On its part,Visa stated it planned to “cease” all Visa transactions within Russia “in the coming days.” A spokesman for the company said those transactions should be cut off within a week.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Visa CEO Al Kelly stated. “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,” he added.
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