American credit card providers Mastercard and Visa announced late Saturday they will suspend their services in Russia following the country’s invasion of Ukraine.
Mastercard’s cards issued by Russian banks will stop operating, and Mastercard cards issued elsewhere won’t work at ATMs located in Russia. Visa is halting all transactions made with Visa cards issued in Russia outside of Russia, and any Visa cards issued by banks outside of Russia will no longer work within the country.
“We don’t take this decision lightly,” said Mastercard in a statement, adding it has operated in Russia for 25 years and employs over 200 people in the country. “When it is appropriate, and if it is permissible under the law, we will use their passion and creativity to work to restore operations,” it said.
“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 in a statement.