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Visa and Mastercard suspend operations in Russia

Visa and Mastercard suspend operations in Russia

Global credit card companies Visa and MasterCard announced on Saturday that they were suspending their operations in Russia after the invasion of Ukraine.

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«En raison du caractère sans précédent du conflit actuel et de l’environnement économique incertain, nous avons décidé de suspendre notre réseau de services en Russie», an indiqué Mastercard dans continue un communiqué, précisant qu’ilque quesré 200 Country.

Its competitor, Visa, simultaneously said in a separate statement that it “will work with its customers and partners in Russia to stop all Visa transactions in the coming days.”

“We are forced to act in the wake of the unprovoked Russian invasion of Ukraine and the unacceptable events we have witnessed,” Visa CEO Al Kelly said in a press release.

The two companies said that Russian Visa and MasterCard bank cards will not be valid abroad, and cards issued abroad will not work in Russia.

Visa and Mastercard, as well as rival American Express, have already taken measures to prevent Russian banks from using their networks, in keeping with international financial sanctions imposed after the invasion of Ukraine.

The Bank of Russia clarified that all Visa and Mastercard cards issued by Russian banks will continue to function normally on Russian territory until their expiration date. “Transactions with these cards are managed by the national bank card system and the sanctions have no effect there,” it said in a statement.

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However, the Central Bank recommended that Russians traveling abroad carry cash or a Russian Mir Bank card in the few countries or territories where it is accepted.

The largest Russian bank, Sberbank, also claimed on the Telegram account that Visa and Mastercard cards issued by it can be used “for operations on Russian territory – for withdrawing funds, making transfers with a card number, and for site or online payments in Russian stores”.