Over the weekend, Visa, Mastercard, American Express and PayPal all announced plans to pull services in Russia over the country’s invasion of Ukraine.
Visa said on March 5th that it was working to “cease all Visa transactions,” specifying that Visa cards issued in Russia will no longer work outside the country and Visa cards issued outside of Russia will no longer work within the country.
The company’s chief executive, Al Kelly, said it was “compelled to act following Russia’s unprovoked invasion of Ukraine and the unacceptable events that we have witnessed.”
In a statement, American Express said that “In light of Russia’s ongoing, unjustified attack on the people of Ukraine, American Express is suspending all operations in Russia.” American Express confirmed it is “also terminating all business operations in Belarus.”
Mastercard made a similar announcement that day, saying that cards issued by Russian banks will no longer be supported by the Mastercard network and cards issued outside the country will no longer work at Russian merchants or ATMs.
On a call with Ukrainian president Volodymyr Zelenskyy on Saturday, US President Joe Biden welcomed the decision by Visa, Master Card and American Express, according to the White House.
“President Biden noted his administration is surging security, humanitarian, and economic assistance to Ukraine and is working closely with Congress to secure additional funding,” a White House readout of the call added.
ARTICLE: PAUL MURDOCH
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: BIZJOURNALS.COM