The war between Russia and Ukraine continues for the 11th consecutive day. To stop Russia, many big countries including America have started trying to break the back of its economy by imposing economic sanctions. In this sequence, Visa and Mastercard have also decided to suspend all their services from there, taking strong steps. Under this action, Master and Visa cards issued by Russian banks will no longer work outside the country.
Visa issued a statement
Visa issued a big statement on Saturday saying that we are discontinuing our service in Russia with immediate effect. However, the old pending cases will be settled now and the work will stop once the transaction is completed. All transactions initiated with Visa cards issued in Russia will no longer operate outside the country. In addition, Visa President and CEO Al Kelly said in a statement that we are compelled to act after Russia’s unprovoked invasion of Ukraine and unacceptable incidents. Several other companies around the world have also taken steps to increase financial pressure on Russia and its people due to the attack on Ukraine. This war is a threat to the ongoing campaign for peace and stability in the world.
MasterCard also issued a statement
MasterCard said on Saturday that cards issued by Russian banks will no longer work through its network and that any card issued outside the country will not work at Russian stores or ATMs. Mastercard further said in its statement that we do not take this decision lightly.