Russia-Ukraine War: American payments firm Visa Inc. and Mastercard Inc. have decided to stop all transactions in Russia.
Russia-Ukraine War: Many big countries, including America, are imposing economic sanctions to stop Russia’s attack against Ukraine. American payment firms Visa Inc. and Mastercard Inc. have decided to stop all transactions in Russia. This is a new step towards economic sanctions against Russia after Russia’s attack on Ukraine and many companies ending their business in the country. Mastercard and Visa have given this information.
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Mastercard and Visa statement
Mastercard said on Saturday that its network will no longer accept cards issued by Russian banks. Also, cards issued in any other country will not work in Russian stores or ATMs. Mastercard said in a statement, “We have not taken this decision in a hurry.” The company said that this decision has been taken after consultation with consumers, partners and governments. At the same time, Visa said that it is going to ban all transactions in Russia in the coming days. The company says that they have taken this decision due to the Ukraine crisis.
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We are compelled to take this step: Visa
Since Russia’s attack on Ukraine, many companies have been imposing such economic sanctions against Russia. “We are compelled to take this step following the Russian attack on Ukraine and the events we are witnessing,” L. Kelly, Vice President and Chief Executive Officer of Visa, said in a statement. This threat looming over peace and stability demands that we respond according to our values.
(Input-PTI)
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