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September 29 2022, Virtual
Payment companies Mastercard, Visa and American Express are all suspending their operations in Russia in protest at the invasion of Ukraine.
Mastercard and Visa said on Saturday (5 March) that they would suspend business in Russia due to the ongoing conflict in Ukraine.
The companies said that all international transactions initiated with Russia-issued cards and all Russian transactions initiated by cards issued outside of Russia will cease "within days”.
These moves were followed on Sunday (6 March) by a similar statement from American Express.
American Express chairman and CEO Stephen Squeri said in a statement: "In light of Russia’s ongoing, unjustified attack on the people of Ukraine, American Express is suspending all operations in Russia.
“As a result, globally issued American Express cards will no longer work at merchants or ATMs in Russia. Additionally, cards issued locally in Russia by Russian banks will no longer work outside of the country on the American Express global network. We are also suspending all business operations in Belarus.
“This is in addition to the previous steps we have taken, which include halting our relationships with banks in Russia impacted by the US and international government sanctions.”