US financial company Mastercard is suspending its services on the territory of Russia, the company said in a statement, posted on its website on Saturday, Russian news agency TAAS reports.
According to the document, the company has "decided to suspend our network services in Russia" amid the current anti-Russian sanctions.
"With this action, cards issued by Russian banks will no longer be supported by the Mastercard network," the document says.
Moreover, any Mastercard issued outside of the country will not work at Russian merchants or ATMs.
The company said those measures were taken in the light of the current situation around Ukraine. However, Mastercard said it will "work to restore operations" when "it is appropriate, and if it is permissible under the law."
Meanwhile, another US company Visa said it was set to suspend its work on the territory of Russia, the company said in a statement on Saturday.
"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," the statement says.
Visa Chairman and CEO Alfred Kelly said the decision has been made amid the latest developments in Ukraine.
On February 24, Russian President Vladimir Putin in response to the appeal of the leaders of the republics of Donbass, decided to conduct a special military operation. The Russian leader stressed that Moscow’s plans do not include the occupation of Ukrainian territories. After that, the US, EU, and UK, as well as several other states, announced that they were imposing sanctions against Russian individuals and legal entities.
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