By Tyler Durden | 5 March 2022
ZERO HEDGE — Just hours after Ukraine president Zelensky asked Congress to, among other things, turn off Visa and Mastercard in Russia to which Rep Brad Sherman responded that “the Financial Services committee needs to look at this next week”…
Zelensky asked us to turn off MasterCard and Visa for Russia. I agree. The Financial Services committee needs to look at this next week. (4/4)
— Congressman Brad Sherman (@BradSherman) March 5, 2022
… the two payment processors decided unilaterally and without any prodding from Congress, to suspend Russia operations and all transactions initiated with its cards issued in the country will no longer work abroad. In a statement Saturday, Visa said that any cards issued by financial institutions outside of Russia will also no longer work within the country.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Al Kelly, chairman and chief executive officer.
“We 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.” […]