Mastercard said cards issued by Russian banks will no longer be supported by its network and any Mastercard issued outside the country will not work at Russian stores or ATMs. “We don’t take this decision lightly,” Mastercard said in a statement.
NEW YORK — Mastercard and Visa are suspending their operations in Russia, the companies said Saturday, in the latest blow to the country’s financial system after its Mastercard said cards issued by Russian banks will no longer be supported by its network and any Mastercard issued outside the country will not work at Russian stores or ATMs.
Visa said it’s working with clients and partners in Russia to cease all Visa transactions over the coming days. between President Volodymyr Zelenskyy of Ukraine and U.S. lawmakers. During that conversation, Zelenskyy “asked us to turn off MasterCard and Visa for Russia,” Rep. Brad Sherman, a Democrat from California, tweeted. “I agree,” he added, before Mastercard and Visa made their announcements.
Many other companies around the world have also made moves to increase the financial pressure on Russia and its people because of its attack on Ukraine. Some are selling their stakes in Russian companies, such as energy giant BP, while others like Harley-Davidson halted product shipments to the country.
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