BEIJING: In the midst of the ongoing war between Russia and Ukraine, China’s largest credit card brand Unionpay has become the latest financial services network to suspend its negotiations with the Russian banks after payment giants Visa and Mastercard closed down their services in the country fearing the devastating sanctions. As per media reports, the […]
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
According to the Associated Press, Visa and Mastercard are halting operations in Russia, dealing another severe blow to the country's financial sector. Visa says it's working with Russian partners to "stop all transactions in the coming days," according to a statement on the company's website. Mastercard issued a supplementary press statement with a similar message, stating that it is halting services in Russia and that its decision was not made "lightly."
Both firms state that transactions conducted with Mastercard or Visa cards issued by Russian banks will not operate outside the country, and that cards provided by foreign banks will not work at Russian businesses or ATMs. Visa CEO Al Kelly said, "We regret the impact this will have on our valued staff, as well as the customers, partners, retailers, and cardholders we serve in Russia." "We must respond in accordance with our beliefs in response to this conflict and the continuous...
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