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- Visa, Mastercard, and American Express announced they would suspend their operations in Russia.
- Mastercard has operated in Russia for more than 25 years.
- The companies previously blocked certain Russian banks to comply with Western sanctions.
Visa, Mastercard, and American Express announced that they would suspend operations in Russia, another blow to the country’s economy in response to its invasion of Ukraine.
The polices were announced in a series of statements made on Saturday and Sunday, following remarks made by each of the companies earlier this week that they had blocked certain Russian banks in an effort to comply with Western sanctions against the country.
Visa said on Saturday its suspension would be “effective immediately,” and all transactions would cease within a matter of days.
Visa CEO and chairman Al Kelly said in a statement that the company felt “compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed.”
Kelly continued: “We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants, and cardholders we serve in Russia. This war and the ongoing threat to peace and stability demand we respond in line with our values.”
Also on Saturday, Mastercard said cards issued by Russian banks will “no longer be supported by the Mastercard network” and that any Mastercard issued outside Russia will not work at Russian merchants or ATMs.
“We don’t take this decision lightly. Mastercard has operated in Russia for more than 25 years,” the company said in a statement on Saturday. “As we take this step, we join with so many others in hoping for and committing to a more positive, productive, and peaceful future for us all. ”
American Express CEO Stephen J. Squeri wrote in a statement on Sunday that all globally issued cards will no longer work in Russia, and cards issued within the country will cease to function within the company’s network. It also suspended business in Belarus.
“This is in addition to the previous steps we have taken, which include halting our relationships with banks in Russia impacted by the U.S. and international government sanctions,” the company wrote in a statement.
The US and its Western allies, including the United Kingdom, Canada, and the European Union, have together imposed hundreds of sanctions and other consequences on Russia since late February, sending its economy into a tailspin.
As a result, the ruble has plummeted, Russia’s stock exchange has shuttered, hundreds of billions of dollars in assets have been frozen, and both everyday and high-profile Russians have been affected.
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