Mastercard and Visa halt operations in Russia

Mastercard and Visa said they would suspend operations in Russia_ essentially severing cardholders there from transactions outside the country in response to the invasion of Ukraine.

The suspensions announced Saturday evening will prevent Mastercard and Visa cards issued by Russian banks from working in other countries and block people with cards issued elsewhere from purchasing goods and services from companies in Russia.

But other transactions may still go through. Cards branded with the Mastercard or Visa logo that were issued by Russian banks may still work inside the country_ because the transactions are handled by a local processor_ officials at both companies said.

In a statement_ Mastercard  which has operated in Russia for more than 25 years  said it had not made the decision lightly.  As we take this step_ we join with so many others in hoping for and committing to a more positive_ productive and peaceful future for us all_ the company said.

Visa said it planned to  cease all Visa transactions within Russia  in the coming days. A spokesperson for the company said those transactions should be cut off within a week.

Al Kelly_ chair and CEO of Visa Inc._ said in a statement:  This war and the ongoing threat to peace and stability demand we respond in line with our values.