Mastercard and Visa have announced that they will suspend their services in Russia. Visa cards issued in Russia will also stop working outside the country. The US President Joe Biden said that he welcomes the suspension.
Meanwhile, Russian banks are downplaying the effects it will have on their clients. The Russia Central Bank stressed that cards would still operate normally “until their expiration date”. The central bank warned Russians, however, that they should carry other means of payment when travelling.
Mastercard said a part of their reason to suspend services in Russia was the “uncertain economic environment” created by the conflict following Russia’s invasion if Ukraine. But another reason was wanting to comply with US and international sanctions on Russia following its invasion. Mastercard said in its statement that its customers and parners had been impacted.
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