According to the reports, Visa and Mastercard are halting operations in Russia, dealing another severe blow to the country’s financial sector.
According to a statement on Visa’s website, the corporation is coordinating with Russian partners to “stop all transactions in the coming days.” Mastercard’s second press release bears a similar message, saying that the company is suspending operations in Russia and that the decision was not made lightly. Both firms indicate that transactions conducted with Mastercard or Visa cards issued by Russian banks would not be accepted outside the nation, and that cards issued by foreign banks will not be accepted at Russian merchants or ATMs.
