Visa And Mastercard Have Halted Their Operations In Russia
In response to Russia's invasion of Ukraine, Visa, Mastercard, and American Express have announced that all operations in Russia will be suspended. The impact on consumers, though, has already been minimised by Russia's big banks. Until the cards' expiration dates, shoppers will be able to use them to make purchases in Russia. However, foreign-issued Visa, Mastercard, or American Express cards will no longer operate in Russian stores or ATMs. Clients will no longer be able to use their Russian cards outside of Russia, nor will they be able to make foreign payments online. Outside of China, Visa and Mastercard alone handle almost 90% of all credit and debit payments. Previously, Russia's central bank stated that all Visa and Mastercard bank cards issued by Russian banks would continue to function normally on Russian soil. This is due to the fact that domestic payments in Russia are made using a national system that is not reliant on foreign systems. Sberbank, Russia'