Visa and Mastercard Suspend Russian Operations Over Ukraine Invasion
Visa and Mastercard announce a full suspension of their network operations in Russia, effectively cutting the country off from global card payments. The move follows a direct request from Ukrainian President Zelenskyy and deals a massive blow to Russia's financial sector.
Visa and Mastercard announce that they suspend all network operations in Russia in response to the country's invasion of Ukraine. The decision means that cards issued by Russian banks no longer work outside the country, while cards issued abroad no longer function at Russian shops or ATMs. This action deals a severe blow to Russia's financial system and further isolates its sanctions-hit economy.
The two payment giants make this move after Ukrainian President Volodymyr Zelenskyy publicly calls on them to cut ties with Moscow. Both companies state that they do not take the decision lightly, but they feel compelled to act due to the unprovoked invasion and the unacceptable events unfolding in Ukraine. Mastercard highlights that the suspension follows extensive discussions with customers, partners, and governments.
US President Joe Biden welcomes the companies' decisions during a phone call with Zelenskyy, noting that his administration continues to urge security and economic assistance to Ukraine. Visa and Mastercard had already been complying with US and international sanctions imposed after the February 24 invasion, but this total operational suspension marks a significant escalation in the Western corporate boycott of Russia.