Visa and Mastercard suspend their services in Russia

Visa and Mastercard are suspending operations in Russia in another major blow to the country’s financial system, according to a report from the Associated Press.

In an announcement on Visa’s website, the company says it’s working with partners in Russia to “cease all transactions over the coming days.” A separate press release from Mastercard contains a similar message, noting that it’s suspending services in Russia and that its decision wasn’t taken “lightly.” Both companies explain that any transactions made with Mastercard or Visa cards issued by banks in Russia won’t work outside of Russia, while any cards issued by banks outside of the country won’t work at Russian merchants or ATMs.

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