Visa and Mastercard announced Saturday they will stop all credit card transactions connected with Russian clients and financial institutions in the upcoming days over the deadly invasion of Ukraine following a plea made by Ukrainian President Volodymyr Zelenskyy to members of the Senate earlier in the day.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Al Kelly, chairman and chief executive officer of Visa Inc., said in a press release posted on Business Wire.
“We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants, and cardholders we serve in Russia. This war and the ongoing threat to peace and stability demand we respond in line with our values.”
The credit card giant said this means that effective immediately, Visa will be working with clients and partners inside of Russia to stop all Visa transactions, including through merchants and ATMs.
Once complete, all transactions that are initiated with Visa cards that were issued in Russia will no longer work outside the country, and cards that were issued by financial institutions outside of Russia will not work within the Russian Federation, the company said.
Mastercard, in a separate statement Saturday, said they are also ceasing all operations in Russia over the invasion.