FOSTER CITY, Calif. (KNX) — Visa is immediately suspending all of its Russian business operations, the company announced Saturday.
The multinational financial services company said it would inform all of its clients and partners in Russia that transactions will “cease … 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,” a release stated.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Visa CEO Al Kelly. “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.”
Global sanctions have already rocked Russia’s financial system. Western countries froze Russia’s central bank reserves and banned its banks from the SWIFT payment network, diminishing the value of Russian assets.
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