U.S. payment card firms, Visa Inc. and MasterCard Inc., on Saturday, announced the suspension of their operations in Russia amid growing pressure from within Ukraine and from U.S. lawmakers.
The decisions came hours after President Volodymyr Zelenskiy asked U.S. lawmakers to urge both companies to cease business in Russia following its continued assault on Ukraine.
All transactions initiated with Visa cards issued in Russia will no longer work abroad. Any Visa cards issued by financial institutions outside of Russia will also no longer work within the country, the company said in a statement Saturday.
Chairman and chief executive officer. MasterCard, Al Kelly, said: “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed. Given the unprecedented nature of the current conflict and the uncertain economic environment, we have decided to suspend our network services in Russia.”
The European Union is providing the first tranche of 500 million euros in assistance to refugees fleeing Ukraine, a step that Zelenskiy tweeted Saturday would help “ensure decent living conditions.”
The government in Kyiv offered to hold further talks with Russia on Monday, even as President Vladimir Putin repeated his demands for “demilitarization” of Ukraine. A Russian official said a meeting might take place on Monday, Interfax reported.