“We don't take this decision lightly,” Mastercard said in a statement, adding that it made the move after discussions with customers, partners and governments.
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 invasion of Ukraine.
“We don’t take this decision lightly,” Mastercard said in a statement, adding that it made the move after discussions with customers, partners and governments. “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Visa Chairman and Chief Executive Officer Al Kelly said in a statement.
Since the invasion of Ukraine, the value of the Russian currency, the ruble, has plunged by more than a third to a record low. That’s pushing up inflation for Russian households, and all the fear has helped cause some tremendously long lines at ATMs.
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