Russia Ukraine war: Mastercard, Visa suspend operations in Russia
By Sanjay Maurya
Card payment companies Visa and Mastercard say they will suspend operations in Russia, joining a growing list of international companies refusing to do business with Moscow over Ukraine’s invasion.
The actions, which came in response to a request from Ukrainian President Volodymyr Zelenskyy earlier on 5th March, are expected to further isolate Russia’s sanctions-hit economy. Mastercard said that Russian bank cards would no longer be supported by its network and that any card issued outside of Russia will not operate in Russian stores or ATMs.
|Mastercard (Financial services company)||Visa (Financial services company)|
|CEO: Michael Miebach (1 Jan 2021–)||CEO: Alfred F Kelly Jr (1 Dec 2016–)|
|Headquarters: Purchase, Harrison, New York, United States||Headquarters: San Francisco, California, United States|
|Founded: 3 November 1966, United States||Founded: September 1958, Fresno, California, United States|
|Revenue: 1,888 crores USD (2021)||Revenue: 2,185 crores USD (2020)|
|Founders: Wells Fargo, First Interstate Bancorp, Crocker National Bank, Bank of California||Founder: Dee Hock|
|Subsidiaries: Cirrus, Access Prepaid Australia Pty Ltd., Transfast, MORE||Subsidiaries: The Currency Cloud Limited, CyberSource, MORE|
Visa also said that cards issued in Russia will no longer work outside the country, adding that it is working with customers and partners in Russia to halt all Visa transactions in the coming days. In a phone discussion with Zelenskyy, US President Joe Biden praised the corporations’ choices.
Visa and Mastercard had announced more restricted actions earlier this week to block financial institutions from the networks that function as payment system arteries. Heavy sanctions and financial penalties imposed by the US government and others have already had a significant impact on the Russian people.
The value of the Russian currency, the ruble, has dropped by more than a third to a new low since the invasion of Ukraine. For Russian households, this is driving up inflation, and the worry has contributed to lengthy queues at ATMs.
Because Russia attacked Ukraine, many other companies across the world have taken steps to raise financial pressure on the country and its people. Some companies, including petroleum giant BP, are selling their shares in Russian enterprises, while others, such as Harley-Davidson, have halted product shipments to the country.
- Top 10 Young Entrepreneurs in India 2022
- Upcoming Indian Web Series for 2022-23
- Top 10 Hospitals in India 2022
- Top 10 richest player of the world 2021
- Top 10 highest-paid Indian Athletes 2021
- Top 10 highest paid CEO in the World
- Top 10 richest person of India
- Top 10 Highest Paid CEOs of India
- List Of Most Followed Facebook Pages in 2022
- The Success Story of Jeff Bezos
- Success Story Of Elon Musk
- Top 10 Business Magazine In India
- Top 10 Business Newspaper In India
- Top 10 richest billionaires in the world 2021
- Upcoming English Web Series in 2021
- Top 10 Tourist Places in India, places to visit after lockdown