Mastercard Saturday announced suspension of all transactions and operations in Russia over the” Unprecedented nature of the current conflict and the uncertain economic environment”
Mastercard has about 200 employees in Russia and has operated in the country for more than two decades.
It said in a statement that cards issued by Russian banks will no longer be supported by the Mastercard Network
Visa on its part said it plans to work with its clients and partners within Russia to suspend all Visa transactions and operations in the country
In a statement also issued on Saturday, Visa Chairman and CEO, Al Kelly said” We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,
It added that in the coming days” 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.”
