Card payment giants Visa and Mastercard will suspend operations in Russia, becoming the latest major firms to join the business freeze-out of Moscow over its invasion of Ukraine.
Mastercard said that ‘noting the unprecedented nature of the current conflict and the uncertain economic environment,’ it had ‘decided to suspend our network services in Russia.’
Visa, for its part, said that ‘effective immediately’ it would ‘work with its clients and partners within Russia to cease all Visa transactions over the coming days.’
Visa cards issued by financial institutions outside of Russia will no longer work in Russia, the company said in a statement.
Their announcement came after several major tech companies and retailers shut down their operations in Russia amid a ‘Great Cancellation’ of Vladimir Putin.
Samsung Electronics suspended shipments to Russia over ‘geopolitical developments’, the firm said on Saturday.
The South Korean tech giant is the world’s biggest memory chip maker and the leading smartphone seller in Russia.
‘Due to current geopolitical developments, shipments to Russia have been suspended,’ Samsung said in a statement. ‘We continue to actively monitor this complex situation to determine our next steps.’
Sberbank Rossii PAO, Russia’s largest lender, on Saturday said sanctions announced by Visa Inc and Mastercard Inc would not affect users of the cards it issues in Russia, Tass news agency reported.