New York: US based payment firms, Visa Inc (V.N) and Mastercard Inc suspended all their operations in Russia. The US payment firms will block Mastercards and Visa cards issued by Russian banks from working in other countries and block people with cards issued elsewhere from purchasing goods and services from companies in Russia.
MasterCards and Visa Card issued by Russian banks may work inside the country, because the transactions are handled by a local processor.
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In the last financial year, Russia accounted for 4% of total revenue of Visa and Ukraine accounted for about 1. According to MasterCard, around 4% of its net revenues during 2021 came from businesses conducted from within, into and out of Russia.2% of revenue came from Ukraine.
The Ukrainian government had earlier requested the financial companies to suspend operations in Russia. U.S. President Joe Biden, welcomed Visa’s and Mastercard’s decisions to suspend their operations in Russia.
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