NEW YORK — Mastercard and Visa are suspending their operations in Russia, the companies said Saturday, in the latest blow to the country’s financial system after its Mastercard said cards issued by Russian banks will no longer be supported by its network and any card issued outside the country will not work at Russian stores or ATMs.
Visa said it’s working with clients and partners in Russia to cease all Visa transactions over the coming days. The suspensions are a follow-up to more limited moves earlier in the week to block financial institutions from the networks that serve as arteries for the payments system. Russian people have already been Since the invasion of Ukraine, the value of the Russian currency, the ruble, has plunged by more than a third to a record low. That’s pushing up inflation for Russian households, and all the fear has helped cause some tremendously long lines at ATMs.
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