Financial services companies Visa and Mastercard announced on Saturday that they have suspended all operations in Russia following Russian President Vladimir Putin’s decision to invade Ukraine.
“Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days,” Visa said in a statement. “Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.”
Al Kelly, chairman and chief executive officer of Visa Inc., said in a statement that the company was “compelled to act” due to the “unacceptable events that we have witnessed.”
“We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia,” Kelly continued. “This war and the ongoing threat to peace and stability demand we respond in line with our values.”… (Read more)