Visa, Mastercard Suspend All Russia Operations; PayPal Shuts Down Its Services in Russia, Citing “The Current Circumstances”
The answer to Putin’s aggression is to punish the innocent Russian civilians.
Visa and Mastercard on Saturday announced they suspended all operations in Russia.
The Financial Post reported:
Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days. Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Al Kelly, chairman and chief executive officer of Visa Inc. “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 also shut down its services in Russia citing, “the current circumstances.”
Reuters reported:
Payments company PayPal Holdings Inc (PYPL.O) shut down its services early on Saturday in Russia, citing “the current circumstances,” joining many financial and tech companies in suspending operations there after the invasion of Ukraine.
“Under the current circumstances, we are suspending PayPal services in Russia,” President and Chief Executive Dan Schulman said in a statement. He added that the company “stands with the international community in condemning Russia’s violent military aggression in Ukraine.”
A company spokesperson said PayPal will support withdrawals “for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations.”
Meanwhile, the United States is still buying Russian oil.
