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.
FILE - In this July 5, 2018 photo, women wearing traditional head dresses wait to greet Visa cardholders who won trips to the 2018 soccer World Cup, at the Marriott Novy Arbat Hotel, taken over by Visa for the duration of the World Cup in Moscow, Russia. Mastercard and Visa are suspending their operations in Russia, the companies said Saturday, March 5, 2022, in the latest blow to the country's financial system after its invasion of Ukraine.
Visa said it's working with clients and partners in Russia to cease all Visa transactions over the coming days. Earlier in the week, Visa and Mastercard had announced more limited moves 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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