Visa, Mastercard, And AmEx Follow Through on Suspending Operations in Russia

Digital Transactions - March 7, 2022 - As Russian armed forces continue their assault on Ukraine, Visa Inc., Mastercard Inc., and American Express Co. late Saturday said they are suspending all operations in Russia, following up on actions taken by the networks nearly a week earlier. Meanwhile, reports began to filter out of Russia that at least some banks there may be considering using the China UnionPay network as an alternative to the U.S.-based systems.

Mastercard Inc. said all Mastercard-labeled cards issued by Russian banks will not work on the network, and cards issued outside the country will not work at ATMs or merchants inside Russia. Simply put, “we have decided to suspend our network services in Russia,” Mastercard’s statement said.

Also late in the afternoon Saturday, Visa Inc. said that “effective immediately” it is working with partners in Russia to “cease all Visa transactions over the coming days.” The statement goes on to say that, once this action is complete, “all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.”

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