American Express, Visa and Mastercard to Halt Operations in Russia

American Express said on Sunday it was suspending all operations in Russia and Belarus, following a similar move the previous day by fellow US payments firms Visa and Mastercard over the Russian invasion of Ukraine.

The decision followed a request by Ukraine's president Volodymyr Zelensky on Saturday and threatens to further isolate a Russian economy facing crippling financial sanctions and a string of corporate boycotts.

San Francisco-based Visa said in a statement that it would immediately begin working with clients and partners in Russia to stop all transactions over the coming days. Once the process is completed, transactions by Visa cards issued in Russia will no longer work outside the country, and cards issued elsewhere in the world will not work within Russia.

"We are compelled to act following Russia's unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed," said Al Kelly, chief executive of Visa.

Mastercard, which has operated in Russia for more than 25 years, said that following its suspension of operations, cards issued by Russian banks will no longer be supported by its network, and any card issued outside of the country will not work at Russian merchants or ATMs.

"We don't take this decision lightly", the company said in a statement, adding that it reflected "the unprecedented nature of the current conflict and the uncertain economic environment".

(Source: The Irish Times)