In the wake of Russias invasion of Ukraine, most western countries have imposed sanctions on Russia that many economic experts are saying could cripple their economy.
Many private companies have went above and beyond what is required of them to abide by sanctions and have pulled additional products from the country. This week, Apple Pay suspended many of its operations in Russia. Pictures were posted online of dozens of Moscow residents unable to use the App to pay for a ride at the Moscow metro station.
Today, Credit Card giants Visa and Mastercard announced that they are also suspending operations in Russia, halting any recent transactions and freezing cards that were issued outside of Russia, which will no longer work in the country. The Daily Mail Reports–
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.