Visa and Mastercard have announced they are suspending operations in Russia.
Credit and debit cards issued by Russian banks will no longer work outside of the country.
Russian businesses and cash machines will also be unable to accept cards issued abroad.
Terrified civilians try to escape Kyiv
Both companies handle 90% of all debit and credit card payments outside of China – and their announcements will deal another significant blow to the Russian economy.
Visa’s chief executive Al Kelly said: “We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed.”
And Mastercard described the events of the past 10 days as “shocking and devastating”, adding: “We don’t take this decision lightly. Mastercard has operated in Russia for more than 25 years.”
Key developments:
Earlier on Saturday, PayPal also shut down its…
