Credit card companies Visa and Mastercard suspend business in Russia
Russia's largest bank - Sberbank - wants to ensure that people can pay and withdraw money with their cards even after Visa and Mastercard credit cards are switched off
US credit card giants Visa and Mastercard have said they are suspending their business in Russia due to the country's invasion of Ukraine.
"Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days," Visa said in a statement.
"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 company's nearly 200 employees will continue to be paid.
In a statement, Mastercard said it has decided "to suspend our network services in Russia."
Russia's largest bank - Sberbank - wants to ensure that people can pay and withdraw money with their cards even after Visa and Mastercard credit cards are switched off.