VISA and Mastercard suspended their operations in Russia over the war in Ukraine.
Two of the biggest payment processing firms in the world on March 5 announced they were suspending operations in Russia.
Mastercard and Visa said Russian banks would be cut off from their networks and their cards would not work at Russian merchants or ATMs.
â€œWe donâ€™t take this decision lightly. Mastercard has operated in Russia for more than 25 years. We have nearly 200 colleagues there who make this company so critical to many stakeholders. As we take these steps, we will continue to focus on their safety and well-being, including continuing to provide pay and benefits,â€ Mastercard said in an unsigned statement. â€œWhen it is appropriate, and if it is permissible under the law, we will use their passion and creativity to work to restore operations.â€
Mastercard said it heard from employees, consumers, and shareholders before deciding on the course of action.
Al Kelly, chairman and chief executive officer of Visa, said in a statement that company executives were â€œcompelled to act following Russiaâ€™s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed.â€
â€œWe 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,â€ he added.
Now, we have this.
Russian banks are simply switching to Unionpay, a Chinese card system.
This is a massive win for China.
NEW – VISA, Mastercard ban: Russian banks rush to switch to the Chinese card system #Unionpay, the second-largest and fastest-growing global credit card network.https://t.co/peBIaCajhE pic.twitter.com/tJJYceFT3d
— Disclose.tv (@disclosetv) March 6, 2022
Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator’s system coupled with Russia’s own Mir network, after Visa and MasterCard said they were suspending operations in Russia.
China grows stronger…America grows weaker.
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions.Â
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