“Declined”: Mastercard and Visa Suspend Operations in Russia Over Invasion of Ukraine

“Declined”: Mastercard and Visa Suspend Operations in Russia Over Invasion of Ukraine

  • The Russian economy has been dealt another blow after Mastercard and Visa announced they would cease operations in the country
  • Sanctions in combination with a number of multinational companies ceasing operations in Russia has resulted in the Russian economy going into freefall
  • The chief of the Central Bank of Russia announced that Russian economy was under significant stress

MOSCOW - Mastercard and Visa have suspended their operations in Russia due to the unprovoked invasion of Ukraine.

This latest blow to the Russian economy means that Mastercard credit cards will no longer work at Russian merchants or at bank ATMs.

Visa has also said that it would cease all transactions in the near future. Visa credit cards issued outside of Russia would no longer work inside the country according to SABC News.

Mastercard, Visa, Russia, Ukraine, economy, sanctions
Visa and Mastercard have suspended their services in Russia. Photo credit: Ulrich Baumgarten, Kyodo News Stills
Source: Getty Images

A growing list of international companies is suspending their operations with Russia due to its aggressive unprovoked invasion of a sovereign state. Puma, IKEA, Apple and Microsoft have joined in the condemnation of Russia's invasion and ceased operations in the country according to The Sun.

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Elvira Nabiullina, the chief of the Central Bank of Russia wore black during a press conference. She admitted that the Russian economy was under extreme stress.

The Central Bank has lost access to approximately $630 billion (R9.7 trillion) due to sanctions, which could have helped protect the rouble.

Singapore imposes sanctions on Russia

Singapore is one of the latest nations to join in on the condemnation of the unprovoked Russian invasion of Ukraine and implemented a series of sanctions.

This is a rare move from the Asian financial powerhouse which rarely imposes sanctions on other countries. Singapore has included four banks and a ban on exports of electronics, computers and military items.

The city-state labelled the invasion of Ukraine an "unprovoked attack" against a sovereign nation that set a dangerous precedent.

In the early hours of Thursday, February 24, the president of Russia, Vladimir Putin, announced a military operation in eastern Ukraine’s Donbas region.

Despite the widespread condemnation of Putin's action by world leaders, Russia has continued its aggression on Ukraine even as the attacks enter day six on Tuesday, March 1.

Source: Legit.ng

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