Tuesday, May 21, 2024

Visa and Mastercard suspend operations in Russia

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Cole Hanson
Cole Hanson
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(New York) Global bank card companies Visa and MasterCard announced Saturday that they are suspending their operations in Russia after the invasion of Ukraine, which will prevent cards issued by Russian banks from operating abroad, and foreign cards for operating in Russia.

Updated yesterday at 7:24 PM.

« En raison du caractère sans précédent du conflit actuel et de l’environnement économique incertain, nous avons décidé de suspendre notre réseau de services en Russie ». Country.

Its competitor, Visa, simultaneously said in a separate statement that it “will work with its customers and partners in Russia to stop all Visa transactions in the coming days.”

“We are compelled to act in the wake of the unprovoked Russian invasion of Ukraine and the unacceptable events we witnessed,” Al Kelly, CEO of Visa, said in the sent message.

The two companies said that Russian Visa and MasterCard bank cards will not be valid abroad, and cards issued abroad will not work in Russia.

Measures already imposed

Visa and Mastercard, as well as its rival American Express, have already taken measures to prevent Russian banks from using their networks, under international financial sanctions decided after the invasion of Ukraine.

The Bank of Russia clarified that all Visa and Mastercard cards issued by Russian banks will continue to function normally on Russian territory until their expiration date.

However, the Central Bank recommended that Russians traveling abroad carry cash or a Russian Mir Bank card in the few countries or territories where it is accepted.

The largest Russian bank, Sberbank, also claimed on the Telegram account that Visa and Mastercard cards issued by it can be used “for operations on Russian territory – for withdrawing funds, making transfers with a card number, and for site or online payments in Russian stores”.

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