Visa and Mastercard Halt Russian Network Services Over Ukraine Invasion
Visa and Mastercard suspend all network operations in Russia in response to the invasion of Ukraine, rendering Russian-issued cards useless abroad. Russian banks insist the cards will continue to function normally within the country's borders.
Visa and Mastercard announce that they suspend all network services in Russia in response to the ongoing invasion of Ukraine. Mastercard states that it takes this step due to the unprecedented nature of the conflict and the uncertain economic environment, while Visa confirms it works with partners to cease all transactions immediately. These announcements follow a similar move by PayPal and mark another major financial blow to Moscow.
The suspension means that cards issued by Russian banks no longer work outside of the country, and cards issued abroad no longer function inside Russia. Both payment giants emphasize that they act because of Russia's unprovoked invasion and the unacceptable events unfolding in Ukraine. U.S. President Joe Biden welcomes the decision during a phone call with Ukrainian President Volodymyr Zelenskiy.
Despite the international cutoff, Russia's major banks and the Central Bank downplay the impact on everyday consumers. They assure the public that Visa and Mastercard cards issued by Russian banks continue to operate normally within Russian territory for cash withdrawals, transfers, and domestic purchases. This localized functionality highlights the growing economic divide between Russia and the global financial system.