Visa and Mastercard suspended their operations in Russia due to tensions in Ukraine.
This effort was designed to crack down on Russia so that the conflict can be ended.
“Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days,” a press release from Visa said. “Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.”
Visa acknowledged that the ban had a negative effect on its customers and that it was sorry, but said an end to war would be more beneficial.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Al Kelly, chairman and chief executive officer of Visa Inc., said of the decision. “We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia. This war and the ongoing threat to peace and stability demand we respond in line with our values.”
Mastercard suspended its operations in Russia as well.
“We don’t take this decision lightly,” Mastercard said in a statement that was echoed by Visa.
Rep. Adam Kinzinger asked the financial services to cease its relations with Russia.
“Why is Russia not cut off from @Visa and @Mastercard?” he tweeted. “And why do they still have Most Favored Nation status with the US? End it.”
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