According to Visa, Russian cardholders can still purchase goods and services using a credit card in their country, but the company no longer processes transactions. This will be done by a Russian company.
Visa Al Kelly, CEO of Visa Al Kelly said: “We are forced to act after the unprovoked Russian invasion of Ukraine and the unacceptable events we witnessed. We regret the impact on our colleagues, valued customers, partners, merchants and cardholders. We serve in Russia. A response in line with our values.”
The Russian Central Bank said in a statement that Visa and MasterCard products issued by Russian banks will continue to operate until their expiration date.
Visa and Mastercard already banned several Russian financial institutions from their network at the beginning of this month. In doing so, American companies complied with the sanctions imposed on Russia for its invasion of Ukraine.
The sanctions will also require credit card companies to suspend network access for Russians and blacklisted Russian institutions. The United States and the European Union, among other countries, have added several Russian financial firms to the list, including the country’s central bank and second largest lender, VTB.
