Russia now facing yet another blow from Western Countries in response to its invasion of Ukraine. Visa, Mastercard, and American Express recently announced that they would suspend operations in Russia.
Reportedly this week, many private companies have pulled additional products from the country. In fact, Apple Pay suspended many of its operations in Russia.
Mastercard said in a statement:
“Noting the unprecedented nature of the current conflict and the uncertain economic environment, decided to suspend our network services in Russia.”
The moves, following a request by Ukrainian President Volodymyr Zelenskyy earlier on Saturday, deal another blow to Russia’s financial sector and are set to further isolate its sanctions-hit economy.
The DailyMail reported:
Card payment giants Visa and Mastercard will suspend operations in Russia, becoming the latest major firms to join the business freeze-out of Moscow over its invasion of Ukraine.
Mastercard said that ‘noting the unprecedented nature of the current conflict and the uncertain economic environment,’ it had ‘decided to suspend our network services in Russia.’
Visa, for its part, said that ‘effective immediately’ it would ‘work with its clients and partners within Russia to cease all Visa transactions over the coming days.’
Visa cards issued by financial institutions outside of Russia will no longer work in Russia, the company said in a statement.
Their announcement came after several major tech companies and retailers shut down their operations in Russia amid a ‘Great Cancellation’ of Vladimir Putin.
Samsung Electronics suspended shipments to Russia over ‘geopolitical developments’, the firm said on Saturday.
The South Korean tech giant is the world’s biggest memory chip maker and the leading smartphone seller in Russia.
Watch it here: AlJazeera/Youtube
Sources: 100percentfedup, Daily Mail
Leave a Comment