Visa and Mastercard Suspend All Services in Russia After Zelenskyy Call With Lawmakers
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Credit card giants Visa and Mastercard are shutting down their services and all transactions in Russia, it was announced on Saturday. The move comes only days after the companies blocked Russian banks from accessing their networks.
In a statement released on Saturday, Visa Inc. announced the company will “cease all Visa transactions” in Russia over the next few 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,” the company wrote.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” the press release quoted CEO 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.”
In a separate statement released on the same day, Mastercard announced their own suspension of service.
“For more than a week, the world has watched the shocking and devastating events resulting from the Russian invasion of Ukraine. Our colleagues, our customers and our partners have been affected in ways that most of us could not imagine,” the statement reads.
“With this action, cards issued by Russian banks will no longer be supported by the Mastercard network. And, any Mastercard issued outside of the country will not work at Russian merchants or ATMs,” the company explains.
“We don’t take this decision lightly,” the company adds in the lengthy statement. “Mastercard has operated in Russia for more than 25 years. We have nearly 200 colleagues there who make this company so critical to many stakeholders. “As we take these steps, we will continue to focus on their safety and well-being, including continuing to provide pay and benefits. When it is appropriate, and if it is permissible under the law, we will use their passion and creativity to work to restore operations.”
The two statements were released within 20 minutes of each other, and came not long after the Zoom call between Ukrainian President Volodymyr Zelenskyy and U.S. lawmakers. Rep. Brad Sherman (D-CA), who was in that meeting, tweeted afterward that Zelenksyy “specifically asked asked us to turn off MasterCard and Visa for Russia.”
President Joe Biden spoke with President Zelenskyy on Saturday evening, and highlighted the decision, according to the readout of the call.
On Saturday the State Dept. advised Americans in Russia to get out “immediately,” and warned that the window for departure was narrowing as airlines cancel service and “some credit and debit cards may be declined as a result of sanctions imposed on Russian banks.”
