The news of financial companies such as PayPal, Visa, and Mastercard suspending services in Russia have come amidst the ongoing Russian-Ukraine war crisis that is drawing intense global criticism.
Payment giants Mastercard, Visa, and PayPal have decided to shut their services in Russia citing the country’s unprecedented invasion of Ukraine.
MasterCard and Visa discontinues services in Russia
In an announcement made on the official website of Visa, the organization has made its intent clear by stating that it is working with its partners in Russia to “cease all transactions” in near future. Similarly, a press release issued by MasterCard echoes similar information concluding that the firm is shutting its services in the region.
The statements issued by MasterCard and Visa on Saturday further asserted that the cards issued within the Russian region will no longer be functional, and the cards issued outside of the country will no longer work in Russia.
CEO of Visa, Alfred F Kelly Jr spoke upon the said matter stating:
“We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants, and cardholders we serve in Russia… This war and the ongoing threat to peace and stability demand we respond in line with our values.”
PayPal Suspends Services In Russia
PayPal, the leading payment behemoth, has also decided to suspend its services in Russia. According to a Reuters report, PayPal has already shut down its services in Russia on Saturday last week quoting the “current circumstances.”
Dan Schulman, President and Chief Executive of PayPal said in a statement:
“Under the current circumstances, we are suspending PayPal services in Russia” noting that the company “stands with the international community in condemning Russia’s violent military aggression in Ukraine.”
Other financial companies such as Wirex, TransferGo, and Revolut have also decided to suspend their services in the region citing the current Ukraine-Russian war.
