Visa and MasterCard suspend operations in Russia

After the invasion of Ukraine, global bank card giants announced the cessation of their operations in Russia.

Global credit card giants Visa and MasterCard announced on Saturday that they would suspend operations in Russia following the invasion of Ukraine.

Both companies said in a statement that MasterCard has “decided to suspend (its) service network in Russia” and that Visa will “suspend all visa transactions in the next few days”.

In the coming days, it will gradually become impossible to make banking transactions with Visa or MasterCard cards issued in Russia, and it will not be possible to make transactions in Russian territory with cards issued abroad. Both companies announced their intention a few days ago to exclude Russian financial institutions from their financial network.

The International Monetary Fund (IMF) has warned of sanctions, saying the sanctions imposed on Russia and Russia will have a “significant impact on the global economy and financial markets, with similar consequences for other countries”.

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