Visa and Mastercard suspend their services in Russia

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According to a report from the Associated Press, Visa and Mastercard are suspending operations in Russia.

In an announcement on Visa's website, the company says it is working with partners in Russia to stop all transactions over the next few days.

Visa CEO Al Kelly states that they regret the impact this will have on their valued colleagues, and on the clients, partners, merchants and cardholders they serve in Russia.

Anyone with a card issued in Russia will be able to pay for products and services with Mastercard and Visa cards, but neither financial company will process the transactions.

Visa and Mastercard are suspending their operations in Russia after Ukrainian President Volodymyr Zelensky asked them to do so.

Visa and Mastercard blocked some Russian banks from their networks in response to financial sanctions imposed on the country.

The US and European Union blocked some Russian banks from using the global financial system. Apple Pay and Google Pay are not available for some Russian consumers because of sanctions. A number of major companies have stopped doing business with Russia.