US payments firms Visa Inc and Mastercard Inc on Saturday said they were suspending operations in Russia over the invasion of Ukraine, and that they would work with clients and partners to cease all transactions there.
Within days, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued outside Russia will no longer work within the country, the company said.
US President Joe Biden, in a call with Ukraine's President Volodymyr Zelenskiy, welcomed Visa's and Mastercard's decisions to suspend their operations in Russia, the White House said. The move by the payments firms could mean more disruption for Russians who are bracing for an uncertain future of spiralling inflation, economic hardship and an even sharper squeeze on imported goods.
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