Visa and MasterCard Suspend Operations in Russia
[Asia Economy Reporter Yoo Hyun-seok] Visa and Mastercard announced on the 5th (local time) that they will suspend operations in Russia in response to Russia's invasion of Ukraine.
According to foreign media, Mastercard announced on the same day, "Considering the unprecedented conflict and uncertain economic environment (arising from the situation in Ukraine), we have decided to suspend network services in Russia."
Additionally, cards issued by Russian banks will no longer be usable. Cards issued overseas cannot be used at merchants or ATMs within Russia.
Visa stated, "We will work with customers and partners in Russia over the coming days to suspend all transactions."
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Sberbank, Russia's largest bank, explained, "This decision will not affect the use of Visa and Mastercard at our bank within the country."
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