Visa and Mastercard, the world’s largest card payment companies, said on Saturday that they will cease operations in Russia, becoming the latest major US company to do so in response to Moscow’s invasion of Ukraine.
Mastercard announced it had “chosen to halt our network services in Russia,” citing the “unique nature of the current conflict” and the “uncertain economic environment.”
Visa, for its part, announced it will “work with its clients and partners within Russia to suspend all Visa transactions over the following days” “effective immediately.”
Since the invasion began 10 days ago, major organizations across a wide range of industries have ceased operations in Russia, including anything from US-based internet firms like Intel and Airbnb to French luxury giants LVMH, Hermes, and Chanel.
Visa and Mastercard have already stated that they will abide by US and international restrictions imposed on Russia in the aftermath of the assault.
