While Mastercard has stated that its network will no longer accept cardholders by Russian banks, any Mastercard issued outside of Russia will not work in Russian stores or ATMs.
Digital Desk: Visa Inc (VN) and Mastercard Inc, both based in the United States, announced on Saturday that they were halting operations in Russia due to the invasion of Ukraine and that they would cooperate with clients and customers to stop all transactions.
According to the business, all operations conducted with Visa cards issued in Russia will no longer function outside of the nation within days, and any Mastercard cards issued from outside Russia will no longer work within the country.
"We feel obligated to act in response to Russia's aggressive invasion of Ukraine and the deplorable actions we have observed," said Al Kelly, Visa's chief executive officer.
According to the White House, US President Joe Biden praised Visa and Mastercard's decisions to cease business in Russia during a phone discussion with Ukraine's President Volodymyr Zelensky. W1N2QI054
"President Biden stated that his administration is increasing security, humanitarian, and economic aid to Ukraine, and that he is working closely with Congress to gain additional funds," according to a White House summary of the call.
Russians are prepared for an uncertain future of escalating inflation, economic misery, and an even tighter squeeze on imported products due to the payments firms' move.
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