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Visa, Mastercard suspend global support of cards issued by Russian banks

Visa, Mastercard suspend global support of cards issued by Russian banks

NATIONWIDE: Card payment giants Visa and Mastercard announced this Saturday (Mar 5) they are suspending their operations in Russia amidst the Russian invasion of Ukraine. Of huge importance for Thailand is that Russian travelers will no longer be able to use their Visa and Mastercard cards while abroad.

tourism
By The Phuket News

Sunday 6 March 2022, 02:15PM


Cards issued by Russian banks will no longer be supported by the Mastercard and Visa networks. Photo: Frankieleon/ Flickr

Cards issued by Russian banks will no longer be supported by the Mastercard and Visa networks. Photo: Frankieleon/ Flickr

According to the Mastercard’s official statement, Mastercard cards issued by Russian banks would no longer be supported by the company’s network abroad. Visa similarly said that cards issued in Russia would no longer work outside the country.

Cards issued by Russian banks will no longer be supported by the Mastercard network. And, any Mastercard issued outside of the country will not work at Russian merchants or ATMs,” Mastercard said in an official statement, noting “the unprecedented nature of the current conflict and the uncertain economic environment".

“We don’t take this decision lightly. Mastercard has operated in Russia for more than 25 years,” the company added.

As we take this step, we join with so many others in hoping for and committing to a more positive, productive and peaceful future for us all,” Mastercard said.

Visa, for its part, announced that “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,” Visa said.

Bank of Russia has already confirmed that all Visa and Mastercard bank cards issued by Russian banks “will continue to operate normally on Russian territory until their expiration date”. The regulator didn’t stress the fact that normal operation will be possible “on Russian territory” only.

The central bank warned that Russians traveling abroad should carry alternate means of payment such as cash. Yet, there are limits on the amount of cash a traveler can take with them out of Russia.

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Pooliekev | 08 March 2022 - 13:20:12

Kurt, Stalin died a long time ago, it's irrelevant. As is Google, no thinking person ever uses Google. 

Kurt | 08 March 2022 - 12:01:30

@christysweet, Russian leader have experience by 'starving out' their people.  Just google: "Which part of Russia was brought to starvation by Stalin. Yup, Ukraine!

christysweet | 07 March 2022 - 11:22:20

If I wanted crypto  to supercede cash, $USD in particular- what actions would I perform to enable it because that is what's happening.  Putin's rich are well prepared for sanctions, only the citizenry will suffer and in fact it could be considered human rights violations- like starving them out would be. 

Kurt | 07 March 2022 - 09:59:31

...They loose billions! Also Moody's reset Russia's creditworthy to level 'Junk'. ( This is not a joke. This is the official status now!). Putin's solistic behavior calls up many resistance in Russia now. Putin made Russia the worlds pariah.

Kurt | 07 March 2022 - 09:53:30

@christysweet, hitting Russia in the 'wallet' is the best thing to do. Even without sanctions many russians already use to poor life quality. The social distance between the filty rich and normal russian is enormous. Seen the protests of Russians against 'Putin's war', thousands are arrested for their support to Ukraine. Also the oligarchs get angry with Putin. They lose billio...

christysweet | 06 March 2022 - 16:10:12

Is it smart to punish Russia people? It'll just bolster support for Putin, not diminish it. Tribes be tribes. 

 

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