The financial services corporations move to cut all Russia-issued bank cards from international transactions
International card companies Mastercard and Visa have announced they are ceasing all operations and disconnecting Russian banks from their payment systems due to sanctions related to Moscow’s ongoing war in Ukraine.
Visa Inc. announced on Saturday night that it was “immediately” beginning to “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.
“We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia,” said Al Kelly, chairman and CEO of Visa.
Mastercard made a similar decision which followed its “recent action to block multiple financial institutions from the Mastercard payment network, as required by regulators globally.”
..noting the unprecedented nature of the current conflict and the uncertain economic environment – we have decided to suspend our network services in Russia.
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https://ift.tt/73dBaUL 06, 2022 at 04:02AM
from RT – Daily news