Major Payment Networks Halt Russian Operations Over Ukraine Invasion
Visa, Mastercard, PayPal, and American Express suspend all services in Russia in response to the ongoing war in Ukraine. The blockade prevents Russian-issued cards from working abroad and blocks foreign cards inside the country.
Visa, Mastercard, PayPal, and American Express completely suspend their operations in Russia in response to the country's invasion of Ukraine. The payment giants make this decision over the weekend, cutting off essential financial networks for Russian consumers and businesses. This action follows initial moves last week to restrict services to certain Russian banks.
The blockade effectively isolates Russia from the global financial system by halting all card transactions over the coming days. Visa and Mastercard state that cards issued in Russia no longer work outside the country, while cards issued anywhere else no longer function inside Russia. American Express also stops all operations in both Russia and neighboring Belarus.
This coordinated withdrawal represents a significant financial blow, as Visa and Mastercard previously report that Russia and Ukraine account for roughly 5% to 6% of their annual revenue. The companies emphasize that their actions directly reflect their corporate values in the face of an unprovoked invasion and ongoing threats to peace and stability.