In the latest financial blow to the Russian economy, Visa and Mastercard announced on Saturday they were suspending operations in the country. The New York Times writes:
The suspensions announced on Saturday evening will prevent Mastercards and Visa cards issued by Russian banks from working in other countries and block people with cards issued elsewhere from purchasing goods and services from companies in Russia.
But other transactions may still go through. Cards branded with the Mastercard or Visa logo that were issued by Russian banks may still work inside the country, because the transactions are handled by a local processor, officials at both companies said.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed.”
Al Kelly, CEO Visa
The Guardian adds:
The Ukrainian government had previously called on the financial companies to suspend operations in Russia. President Volodymyr Zelenskiy had urged the companies to take this action when he talked by video to American members of Congress earlier today.