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Wednesday, November 30, 2022

Ukraine crisis: Mastercard & Visa suspends all operations in Russia

American multinational financial services corporations Visa Inc. and Mastercard Inc. are suspending their operations in Russia over the invasion of Ukraine.

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American multinational financial services corporations Visa Inc. and Mastercard Inc. are suspending their operations in Russia over the invasion of Ukraine.

In a statement, Mastercard said that any card issued outside the nation would not work at Russian stores or ATMs, and its network will no longer support cards issued by Russian banks. Both companies have released their own statements in solidarity with Ukraine regarding the suspension of their operations in Russia amid war conflict.

“We do not take this decision lightly,” Mastercard said in a statement, adding that it made a move after discussions with partners, customers and governments.

Al Kelly, chief executive officer of Visa, said in a statement, “We are compelled to act following Russia’s aggression against Ukraine and the unacceptable events that we have seen.”

The initiative to suspend the operations came into the act hours after President Zelenskyy urged US lawmakers to block the use of American brand credit, Visa and Mastercard, in Russia, and both companies announced they are suspending service in Russia.

Following PayPal, H&M, Zara, Adidas, and other major MNCs shut down their service, Visa and Mastercard also announced to suspend their operations in Russia over the invasion of Ukraine.

As per the reports, US President Joe Biden supported the decision of Visa and Mastercard to suspend operations in Russia.

In a tweet, The White House said, In particular, he welcomed the decision this evening by Visa and Mastercard to suspend service in Russia. @POTUS noted his administration is surging security, humanitarian, and economic assistance to Ukraine and is working closely with Congress to secure additional funding.

Moreover, Visa and Mastercard announced more limited moves earlier this week to exclude financial institutions from the networks that serve as payment system arteries. Financial penalties and heavy sanctions imposed by the government of the US and other countries have already had a significant impact on the people of Russia.

Due to Russia’s invasion of Ukraine, many other companies worldwide have taken steps to put financial pressure on the country and its people. Some corporations, such as petroleum giant BP, are selling their shares in Russian companies, while others, such as Harley-Davidson, have stopped shipping their products to the nation.

 

 

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