Visa, Mastercard suspend operations in Russia

u.s payment firm's visa and mastercard joined the growing list of businesses suspending operations in russia over its invasion of ukraine on saturday both companies said that soon all transactions initiated with their cards issued in russia will no longer work outside the country while cards issued outside of russia will no longer work within it u.s president joe biden welcomed the decisions by the companies in a call with ukraine's president vladimir zelinski ukraine's central bank chief kirilo shivchenko told nikkei asia that he and zelensky had urged the two firms to suspend their russian operations to increase pressure on the regime over its invasion of ukraine which moscow describes as a special military operation visa and mastercard stand to lose significant business from russia with both firms reporting that their net revenues from the country last year was about four percent of their totals but the move could also mean more disruption for russians who were bracing for an uncertain future of spiraling inflation economic hardship and an even sharper squeeze on imported goods however russia has been taking steps to increase the independence of its financial system for years it set up its own banking messaging system as an alternative to global payment system swift as well as its own card payment system which began operating in 2015. they were part of moscow's efforts to develop homegrown financial tools to mirror western ones to protect the country in case sanctions are broadened

Channel: Reuters

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Id: uO71SoEu2BQ

Length: 1min 26sec (86 seconds)

Published: Sun Mar 06 2022