Visa, Mastercard and PayPal Comply With International Sanctions and Suspend Russian Operations

07.03.2022 07:45
by Nina Petrov
1 min read

On Saturday, complying with the international sanctions against Russia, major payment systems (Visa, MasterCard, and PayPal) stopped services in Russia. 

According to a Visa spokesperson, in the following days, all Visa credit cards issued in Russia will stop working outside of the country. At the same time, credit cards issued in other countries won’t be able to operate in Russia.

Mastercard introduced similar limitations, with the addition of blocking some financial institutions based in Russia.

In a press release, Visa’s Chairman and CEO Al Kelly apologized to their colleagues, clients, and partners in Russia, but explained that the company was compelled to such a rigorous move as the war initiated by Russia is an ongoing threat to global peace and stability.

While international payment giants joined the international sanctions, crypto companies are still resisting the pressure. Although the majority of exchanges were officially asked by Ukrainian officials to block all Russian residents, Binance, Kraken, Coinbase, Huobi and others still refuse to do so.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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