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Visa and Mastercard Suspend Operations in Russia

Visa and Mastercard have announced that their operations in Russia will be suspended, joining a growing number of foreign corporations refusing to do business with Moscow as a result of its invasion of Ukraine.

The actions, which came in response to a request from Ukrainian President Volodymyr Zelenskyy earlier on Saturday, are expected to further isolate Russia’s sanctions-hit economy.

Mastercard said that Russian bank cards would no longer be supported by its network, and that any card issued outside of Russia will not work in Russian stores or ATMs.

“This is not a choice we take lightly,” Mastercard said in a statement, adding that the decision was reached after consultations with customers, partners, and governments.

Visa also said that Russian-issued cards would no longer work outside of Russia, and that it was working with clients and partners in Russia to stop all Visa transactions in the coming days.

“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Visa Chairman and Chief Executive Officer Al Kelly said in a statement.

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