Mastercard and Visa are suspending their operations in Russia, the companies said Saturday, in the latest blow to the country's financial system after its invasion of Ukraine.
Mastercard said cards issued by Russian banks will no longer be supported by its network and any card issued outside the country will not work at Russian stores or ATMs.
Visa said it's working with clients and partners in Russia to cease all Visa transactions over the coming days. The suspensions are a follow-up to more limited moves earlier in the week to block financial institutions from the networks that serve as arteries for the payments system. Russian people have already been hit hard by heavy sanctions and financial penalties imposed by the U.S. government and others.
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