Thursday, October 6, 2022
More

    Home Business Visa, Mastercard suspend operations in Russia

    Visa, Mastercard suspend operations in Russia

    Mastercard and Visa announced that they were suspending operations in Russia and that their cards issued by Russian banks will no longer work outside the country.

    Credit card and Payment giants Mastercard and Visa announced that they were suspending operations in Russia and that their cards issued by Russian banks will no longer work outside the country.

    “Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days. 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,” Visa said in a Saturday statement.

    The company explained that its decision stems from the Ukraine crisis.

    “This war and the ongoing threat to peace and stability demand we respond in line with our values,” Al Kelly, chairman and chief executive officer of Visa Inc., said as quoted in the release.

    Mastercard also suspended network services in Russia over the latter’s special military operation in Ukraine.

    “This decision flows from our recent action to block multiple financial institutions from the Mastercard payment network, as required by regulators globally,” Mastercard said in a Saturday statement.

    The company added that cards issued outside of Russia will not work at Russian merchants or ATMs.

    Responding to the statement issued by the two companies, the Russian state-owned banking company said the suspension of Visa and Mastercard services in the country will not affect the use of cards issued by Russia’s Sberbank within the country.

    “International payment systems have decided to limit their work in Russia in the coming days. This decision will not affect the operation of Sberbank Visa and MasterCard cards within the country,” Sberbank said in a statement.

    According to the release, Russian cardholders will be able to complete all transactions, such as cash withdrawals, money transfers and online payments as usual within the country.

    RELATED ARTICLES

    Thailand Child Care Shooting: Death Toll Rises To 36

    The fatalities in a mass shooting massacre that took place at a child care centre in Thailand rose to 36, including 23 children, CNN reported on Thursday. ....Tap to read more

    Three Stabbed Near Liverpool Street Station In Central London: Police

    Three people were stabbed in an incident on Bishopsgate, near Liverpool Street Station, in central London however the case is not being treated as terror-related, said London Police. ....Tap to read more

    Multinationals Starting To See India As Global Manufacturing Hub: Citibank

    After the consumer banking exit, Citigroup which is focused on servicing large local corporates, multinationals, financial institutions, emerging and mid-sized corporate clients in India says that multinationals are starting to see India as a global manufacturing base, which will positively impact small- and mid-sized businesses. ....Tap to read more

    Most Popular

    Throwback Pic Of Vicky, Sunny With Shah Rukh Khan From ‘Ashoka’ Sets

    Bollywood actor Vicky Kaushal's father Sham Kaushal, on Wednesday, shared a throwback picture of both of his sons along with actor Shah Rukh Khan from the sets of the film 'Ashoka'. ....Tap to read more

    Ind V/S SA, 1st ODI: Miller-Klaasen Pair Set India 250-Run Target In 40 Overs

    David Miller and Heinrich Klaasen's unbeaten partnership of 139 runs guide South Africa to 249/4 in a 40-over rain-truncated match here at the Bharat Ratna Shri Atal Bihari Vajpayee Ekana Cricket Stadium in Lucknow. ....Tap to read more

    Thailand Child Care Shooting: Death Toll Rises To 36

    The fatalities in a mass shooting massacre that took place at a child care centre in Thailand rose to 36, including 23 children, CNN reported on Thursday. ....Tap to read more

    J-K Tourism: Highest Number Of Tourists Visited State This Year

    Jammu and Kashmir Tourism Department recorded the arrival of highest number of tourists in an annual year since independence. ....Tap to read more

    Recent Comments