Visa, Mastercard, and American Express stop operations in Russia, the latest blow to the NATION’s financial system after invading Ukraine, according to a report by FT on Sunday.
The decision comes after a request by Ukraine’s President Volodymyr Zelensky on Saturday and threatens to isolate the Russian economy struggling with a series of financial sanctions and corporate boycotts.
Visa stated it would immediately start working with clients and partners in Russia to suspend all transactions in the coming days.
AI Kelly, chief executive of Visa stated that they were compelled to act after Russia’s unprovoked invasion of Ukraine and the acceptable consequences of the invasion.
Mastercard also stated it was stopping all operations in Russia on Saturday. American Express followed, further noting it would halt all business operations in Belarus.
The payment networks prevented numerous financial institutions in Russia from using their systems last week after the imposition of sanctions.