MasterCard and Visa logos in a cafe in New York, 2005. MARK LENNIHAN / AP
Visa and Mastercard, leaders in the bank card market, announced on Saturday, March 5, the suspension of their operations in Russia. “Due to the unprecedented nature of the current conflict and the uncertain economic environment, we have decided to suspend our service network in Russia,” Mastercard said in a statement, adding that it would nonetheless continue to pay its approximately 200 employees. the country.
Its rival Visa simultaneously said in a separate statement that it “will work with its customers and partners in Russia to stop all Visa transactions in the coming days.” Al Kelly, CEO of Visa, also said: “We are under pressure to act in the wake of Russia’s unprovoked invasion of Ukraine and the unacceptable events we have witnessed. »
Russian bank cards Visa and Mastercard will no longer work abroad, and cards issued abroad will no longer work in Russia, both companies said. Together with its competitor American Express, they have already taken steps to prevent Russian banks from using their networks in connection with the application of international financial sanctions imposed after the invasion of Ukraine.
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Cards issued in Russia will continue to work there
At the same time, the Bank of Russia clarified that all Visa and Mastercard cards issued by Russian banks will continue to operate normally in Russia until their expiration date. “Transactions with these cards are managed by the national banking card system and are not subject to sanctions,” the statement said. However, she advised Russians traveling abroad to carry cash or a Russkiy Mir bank card in the few countries or territories where it is accepted.
The largest Russian bank, Sberbank, also stated in its Telegram account that the Visa and Mastercard cards it issued “can be used for transactions in Russia – for withdrawing money, making transfers by card number, as well as for on-site or online.” payments in Russian stores.
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