Mastercard and Visa said they would suspend operations in Russia, essentially separating cardholders there from transactions outside the country in response to the invasion of Ukraine.
The suspensions announced Saturday night will prevent Mastercard and Visa cards issued by Russian banks from working in other countries and block people with cards issued elsewhere from purchasing goods and services from companies in Russia.
But other trades can still go ahead. Cards bearing the Mastercard or Visa logo issued by Russian banks may still work in the country, as the transactions are handled by a local processor, officials from both companies said.
In a statement, Mastercard, which has been operating in Russia for more than 25 years, said it did not take the decision lightly. “As we take this step, along with so many others, we hope for a more positive, productive and peaceful future for all of us,” the company said.
Visa said it plans to “stop” all Visa transactions within Russia “in the coming days.” A company spokesperson said those transactions must be halted within a week.
Al Kelly, president and chief executive officer of Visa Inc., said in a statement, “This war and the ongoing threat to peace and stability demand that we respond in accordance with our values.”
