Visa, Mastercard suspend operations in Russia

U.S. payments firms Visa and Mastercard are suspending operations in Russia over the military actions in Ukraine, and that they would work with clients and partners to cease all transactions there.

Within days, all transactions initiated with Visa cards issued in Russia will no longer work outside of the country and any Visa cards issued outside of Russia will no longer work within the country, the company said.

U.S. President Joe Biden, in a call with Ukraine’s President Volodymyr Zelenskiy, welcomed Visa’s and Mastercard’s decisions to suspend their operations in Russia, the White House said.

“President Biden noted his administration is surging security, humanitarian, and economic assistance to Ukraine and is working closely with Congress to secure additional funding,” a White House readout of the call added.

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