Visa and Mastercard will both suspend operations in Russia

Visa and Mastercard have announced tonight they will be suspending operations in Russia over the invasion of Ukraine.

Visa said in a statement that it would cut off transactions “over the coming days” and consequently cards issued in Russia would not work abroad as well as foreign issued cards in Russia.

Alfred Kelly, chairman and chief executive officer of the US-based digital payments company, said: “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed.

“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 issued a similar ban, stating that cards issued by Russian banks will no longer be supported by its network.