Mastercard and Visa suspend services in Russia, Russian banks downplay effects

Mastercard and Visa have announced that they will suspend their services in Russia. Visa cards issued in Russia will also stop working outside the country. The US President Joe Biden said that he welcomes the suspension.

Meanwhile, Russian banks are downplaying the effects it will have on their clients. The Russia Central Bank stressed that cards would still operate normally “until their expiration date”. The central bank warned Russians, however, that they should carry other means of payment when travelling.

Mastercard said a part of their reason to suspend services in Russia was the “uncertain economic environment” created by the conflict following Russia’s invasion if Ukraine. But another reason was wanting to comply with US and international sanctions on Russia following its invasion. Mastercard said in its statement that its customers and parners had been impacted.

“Our colleagues, our customers, and our partners have been affected in ways that most of us could not imagine”.

Other international corporations that have halted operations in Russia include Airbnb, Intel, LVMH, Hermes, and Chanel. FIFA has also now banned Russia from qualifying for the World Cup. Football officials in Sweden, Poland, and the Czech Republic first started the pressure to ban Russia from FIFA. Officials from other countries, including the United States and France, quickly said they wouldn’t play against Russia “under any circumstances”.

SOURCE: Thai PBS World | New York Times