Mastercard, PayPal and Visa suspend their activities in Russia
The largest operators of payment cards and a popular payment service suspend their activities in Russia.
Master Card is a credit card and PayPal and Visa announced its withdrawal from the Russian market . Companies have suspended their activities in this country in connection with the war in Ukraine .
Payment network operators and PayPal join the largest technology companies that have stopped selling their products and services in Russia. Speak, inter alia, father. Samsung and Apple and HP if Microsoft .
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PayPal CEO Dan Schulman said in an official press release that his company “ supports the Ukrainian people, stands by the international community, and condemns the brutal Russian military aggression against Ukraine. ” We remind you that in 2020, PayPal suspended domestic transactions in Russia , but the company continued to allow transactions external . Currently , PayPal has banned the creation of new accounts in Russia . Xoom money transfers have also been suspended.
PayPal works closely with governments and partners to proactively comply with all applicable laws and penalties.
A PayPal spokesperson told Cnet that the company will temporarily make payments to allow customers to transfer their assets to other accounts .
“We are working with our customers and partners in Russia to stop all Visa transactions in the coming days, ” Visa said in an official press release .
President and CEO Visa – Al Kelly said:
We are compelled to take action regarding the unprovoked Russian invasion of Ukraine and the unacceptable events we witnessed. We regret the impact of these events on our valued colleagues as well as on customers, partners, merchants and payment card holders we serve in Russia. This war and the continuing threat to peace and stability requires us to respond in line with our values.
A similar press release was issued by the company’s MasterCard Credit Card .
Taking into account the unprecedented nature of the current conflict and the uncertain economic environment, we have decided to suspend our network services in Russia.
This decision is based on our recent efforts to prevent several financial institutions from accessing the Mastercard payment network, as required by regulatory authorities around the world.
Accordingly, cards issued by Russian banks will not be supported by the Mastercard network. In addition, all Mastercard cards issued outside the country will not work at Russian points of sale or ATMs.
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