Sunday, July 14, 2024

Visa and Mastercard suspend their services in Russia

Immigration News

Mehr Ali Altaf
Mehr Ali Altaf
Mehr Ali is a young bilingual journalist from Afghanistan working for the English language version of Khaama Press online. His main responsibility include researching and writing news reports for the sports, tech and entertainment sections.

Visa and Mastercard are suspending operations in Russia in another major blow to the country’s financial system.

In an announcement on Visa’s website, the company says it’s working with partners in Russia to “cease all transactions over the coming days.” A separate press release from Mastercard contains a similar message, noting that it’s suspending services in Russia and that its decision wasn’t taken “lightly.”

Both companies explain that any transactions made with Mastercard or Visa cards issued by banks in Russia won’t work outside of Russia, while any cards issued by banks outside of the country won’t work at Russian merchants or ATMs.

As noted by Bloomberg, anyone with a card issued in Russia will still be able to pay for products and services with Mastercard and Visa cards, however, neither financial company will process the transactions — Russia’s National Payment Card System (NSPK) will have to handle them instead.

Visa and Mastercard’s announcement comes shortly after Ukrainian President Volodymyr Zelensky met with US lawmakers and asked that they halt both companies’ operations in Russia. “Pleased to hear that Mastercard and Visa will be suspending all their operations in Russia effective immediately,” Congressman Brad Sherman (D-CA) said on Twitter following the meeting with Zelensky.

In other reports, A number of other major companies, including Samsung, Microsoft, Apple, and Google have all stopped doing business with Russia.

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