Mastercard and Visa suspend operations in Russia.

Mastercard and Visa said they would suspend operations in Russia in response to the invasion of Ukraine.

Mastercards and Visa cards issued by Russian banks will not be allowed to be used in other countries and people with cards issued elsewhere will not be able to purchase goods and services from companies in Russia.

Other transactions may continue. The Mastercard or Visa logo may still work inside the country because the transactions are handled by a local processor, according to officials at both companies.

Mastercard said in a statement that it had not made the decision lightly.

A spokesman for the company said that all Visa transactions within Russia should be stopped within a week.

Al Kelly, chairman and chief executive officer of Visa Inc., said in a statement: "This war and the ongoing threat to peace and stability demand we respond in line with our values."