Visa and Mastercard suspend business in Russia
Created: 03/06/2022, 00:22
Visa and Mastercard cards issued in Russia can no longer be used abroad for the time being.
© Monika Skolimowska/dpa-Zentralbild/ZB
According to a report, around 74 percent of credit card transactions in Russia are handled by the world's largest providers Visa and Mastercard.
Mastercard employees should still be paid.
Washington - Because of the Russian invasion of Ukraine, the world's two largest credit card providers, Visa and Mastercard, are suspending their business in Russia.
Visa will work with customers and partners in Russia "to halt all Visa transactions in the coming days," the company said.
After that, cards issued in Russia would no longer work abroad.
Credit cards issued by financial institutions outside the country could no longer be used in Russia.
Mastercard announces identical steps.
Visa CEO Al Kelly said he regretted the impact the measure will have on employees, customers, partners, merchants and cardholders in Russia.
"This war and the ongoing threats to peace and stability require that we respond in accordance with our values."
No transactions for sanctioned Russian banks
Mastercard said the decision was not easy to make.
"Mastercard has been active in Russia for more than 25 years." The almost 200 employees will continue to be paid their wages.
If it is "reasonable and legally permissible", they want to resume operations.
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Visa and Mastercard had previously stopped processing transactions for Russian banks affected by international sanctions over the Ukraine war.
The Wall Street Journal recently reported that of the debit and credit cards issued in Russia, Visa and Mastercard cards accounted for around 74 percent of the country's payment transactions in 2020.
dpa