Payment firms Visa, Mastercard, American Express and PayPal suspend services in Russia
Visa, Mastercard, American Express and PayPal all said that they were suspending operations in Russia over its invasion in Ukraine.
Visa said that cards issued in Russia will not outside of the country and Visa cards issued outside of Russia will no longer work within the country.
Kelly, chief executive officer of Visa, said in a statement:
We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed.
American Express also joined in the effort to boycott business in Russia and Belarus over the war in Ukraine and announced suspending all operations in the two countries.
The company said that its globally issued American Express cards will not work in Russia at merchants or at ATMs. Cards issued by Russian banks will still work in the country but not outside if it.
American Express said it has suspended its relationships with Russian banks affected by US and international sanctions.
PayPal Holdings Inc also shut down its services in Russia early on Saturday, joining in the global efforts to suspending operations there after the invasion of Ukraine.
PayPal said will support withdrawals “for a period of time” to ensure that account balances are dispersed according to the laws and regulations.
result of the sanctions, Russia’s second-biggest lender VTB Bank is now preparing to leave Europe.