Visa and Mastercard suspend their services in Russia

Nathan Rivera

06/03/2022

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credit card companies Visa and MasterCard announced this Saturday the suspension of their operations in Russiathe latest major US firms to freeze business with Moscow over its invasion of Ukraine.

Mastercard said it decided to "suspend our network services in Russia," "taking into account the unprecedented nature of the current conflict and the uncertain economic environment."

For its part, Visa indicated that it will work "immediately" with its "customers and partners inside Russia to stop all Visa transactions in the coming days."

"We have an obligation to act following Russia's unprovoked invasion of Ukraine and the unacceptable events we have witnessed," Visa CEO Al Kelly was quoted as saying in a statement.

"Our colleagues, our customers and our partners have been affected in ways most of us cannot imagine," Mastercard said on its side.

Russian Visa and Mastercard bank cards will no longer work abroad, while those issued abroad will no longer work in Russia, the US groups said.

In recent days, Visa and Mastercard, as well as their competitor American Express, had taken measures to prevent Russian banks from using their networks, in application of international sanctions decided after the Russian invasion of Ukraine.

Russia's biggest banks, including Sberbank, the country's biggest lender, and Russia's Central Bank, played down the effects the card suspensions would have on their customers.

"All Visa and Mastercard bank cards issued by Russian banks will continue to function normally on Russian territory until their expiration date," the Russian Central Bank said.

While Sberbank reported that the cards "can be used for operations on Russian territory, for cash withdrawals, making transfers using the card number and for payments in Russian stores, both online and offline."

AFP

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Nathan Rivera
Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.

My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.

What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.

I am also a staunch advocate for press freedom. I have tirelessly fought to protect the rights of journalists and have faced significant challenges in my quest to inform the public truthfully and without constraints. My courage in defending these principles serves as an example to all who believe in the power of journalism to change the world.

Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.

At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.

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