Visa and Mastercard suspend operations in Russia over Ukraine issue

US payments firms Visa and Mastercard said they are suspending operations in Russia over the Ukraine issue. Two companies said, they will work with their clients and partners to cease all transactions in Russia.

In a statement, chief executive officer of Visa, Al Kelly said, the company is compelled to act following Russia’s unprovoked action against Ukraine.

Mastercard said its cards issued by Russian banks will no longer be supported by Mastercard networks, and any card issued by the company outside Russia will not work at Russian merchants or ATMs.