Hemant Singh – Mumbai Uncensored, 6th March 2022
VISA suspends all operations in #Russia: All cards issued in Russia will no longer work outside the country and any cards issued outside of Russia will no longer work within the Russian Federation.
SAN FRANCISCO, March 5, 2022–(BUSINESS WIRE)— Visa Inc. (NYSE:V) stated today that it is ceasing operations in Russia.
Visa will work with its clients and partners in Russia to suspend all Visa transactions in the coming days, beginning immediately. Once completed, all transactions conducted with Visa cards issued in Russia will no longer be valid outside of the country, and Visa cards issued by financial institutions outside of Russia will no longer be valid within the Russian Federation.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said chairman and chief executive officer of Visa Inc., Al Kelly, “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.”
Mastercard suspends all operations in Russia.
Visa and Mastercard cards combined account for 74% of all payment transactions in Russia.
