Russia faces another obstacle as American card network operators Visa, Mastercard and American Express have suspended their services in response to its invasion of Ukraine.
The invasion of Russia in Ukraine has already been a disaster for World peace and the economy. Due to their attack, the Russians are facing a lot of criticism from all around the world. A lot of Russians are against the war but are helpless in the situation.
The world’s leading payment processors and debit and credit card providers, Visa, Mastercard & American Express are suspending their operations in Russia because of their invasion in Ukraine.
In a statement, Visa said, “Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days”. Adding to the statement they mentioned, “Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.”
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Al Kelly, Visa’s CEO and chairman. “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.”
Mastercard also had a say on it, as they are suspending services in Russia as well. “For more than a week, the world has watched the shocking and devastating events resulting from the Russian invasion of Ukraine,” Mastercard said in a statement on its website.
The company added, “Cards issued by Russian banks will no longer be supported by the Mastercard network. And, any Mastercard issued outside of the country will not work at Russian merchants or ATMs.” They also backed their decision by confidently adding, “We don’t take this decision lightly.”
After Visa & Mastercard, American Express (Amex) follows U.S. counterparts in suspending operations in Russia, a press release said.
“In light of Russia’s ongoing, unjustified attack on the people of Ukraine, American Express is suspending all operations in Russia,” Amex said in a statement on its website.
This is a very bold move by Visa and Mastercard. This War has led to a farewell of many companies from Russia such as Apple, Google, Snap, Facebook, Twitter, Activision Blizzard, Epic Games, TikTok, Netflix, Microsoft, and now Visa and Mastercard.
