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Visa, Mastercard and American Express suspend payments in Russia after Ukraine invasion

Mastercard said cards issued by Russian banks will no longer be supported by its network and any cards issued outside the country will not work at Russian stores or ATMs.

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Mastercard, American Express and Visa have announced plans to suspend all payments in Russia in the latest wave of attacks on the country’s financial system following Russia’s invasion. Ukraine.

Pictures over the weekend showed long lines outside cash machines in St Petersburg as locals race against time to withdraw their money as sanctions take effect.

Mastercard said cards issued by Russian banks will no longer be supported by its network, and any cards issued outside the country will not work at Russian stores or ATMs.

“We are not taking this decision lightly,” Master Card said in a statement, adding that it made the move after discussions with customers, partners and the government.

Competitor Passport said they are working with customers and partners in Russia suspend all Visa transactions in the coming days.







Mastercard says events of past 11 days were “shocking and devastating”
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Image:

Jakub Porzycki / NurPhoto / Getty Images)

American Express also said it was suspending “all operations” in Russia.

“We are forced to act in light of Russia’s gratuitous invasion of Ukraine and the unacceptable events we have witnessed,” Visa president and CEO Al Kelly said in a statement. .

And Russian businesses and cash machines will no longer be able to accept cards issued abroad.

Both companies process about 90% of all debit and credit card payments outside of China.

Mastercard said the events of the past 11 days were “shocking and devastating”.

It became a giant in the field of online payments PayPal terminates cooperation with Russia on Saturday.

The boss, Dan Schulman, said the company “stands with the international community in condemning Russia’s brutal military aggression in Ukraine”.

It comes as a growing list of businesses severing ties with Russia include Marks & Spencer, IKEA, Apple and Microsoft.

The move was intended to put pressure on Putin and cripple his economy, which ultimately financed the war.

Russia’s currency, the ruble, hit a new low against the dollar last week amid soaring inflation.

In response, Russia’s central bank raised interest rates from 9.5% to more than 20% in an attempt to stem the devaluation of the country’s currency.

But crypto firms like Coinbase and Binance are choosing to continue operating in the country, saying the closures could harm innocent consumers, many of whom are “potentially opposed to what the land does.” their country is doing”.

Brian Armstrong, co-founder of Coinbase, tweeted: “We don’t think there is a high risk of Russian oligarchs using crypto to avoid sanctions.

“Because it is an open ledger, trying to sneak a lot of money through crypto is easier to track than using US dollars, cash, art, gold, or other assets.”

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https://www.mirror.co.uk/money/visa-mastercard-american-express-suspend-26402994 Visa, Mastercard and American Express suspend payments in Russia after Ukraine invasion

Fry Electronics Team

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