This was reported by "Economic Truth" with reference to the press services of the companies, informs Espresso.TV.
Visa said the decision is now in effect. It will take several days for the company to stop all transactions. Upon completion, all transactions initiated with Visa cards issued in Russia will no longer work outside the country, and any Visa cards issued by banks outside the Russian Federation will no longer work in the Russian Federation.
"We are compelled to act in the wake of Russia's baseless invasion of Ukraine and the unacceptable events we have witnessed", said Al Kelly, head and CEO of Visa Inc. "We are sorry for the impact this decision will have on our colleagues, customers, partners, and cardholders we serve in Russia. But this war and the threat to the world require us to act in accordance with our values".
Mastercard also said that cards issued by Russian banks will no longer be supported by the Mastercard network. Any cards issued outside the country will not work at Russian merchants or ATMs.