Three of the largest financial companies in the world, Visa, Mastercard and PayPal, have suspended their services in Russian territory. This is presented as a financial sanction imposed on Russia when the country invaded Ukraine on February 24, 2022. The information was disclosed by each of these companies in a press release a few hours ago.
Visa, Mastercard and PayPal stop operating in Russia
Financial sanctions continue to hit Russia as the country moves forward with its invasion of Ukraine, which began on February 24, 2022. Visa, Mastercard and PayPal are concerned about the situation and prefer to leave the country like many other companies in recent years. days. .
“We are forced to act in the wake of Russia’s unprovoked invasion of Ukraine and the unacceptable events we have witnessed,” said Al Kelly, chairman and CEO of Visa Inc.
“Given the unprecedented nature of the current conflict and the uncertain economic environment, we have decided to suspend our network services in Russia,” read the official statement released by Mastercard.
Visa’s Chairman and CEO knows that this decision will have a profoundly negative impact on customers in Russia. However, they decided to act according to their values. Meanwhile, Mastercard said it is also working with governments and partners around the world to ensure the stability, integrity and resiliency of its systems continue to guide its operations.
These are not the first companies to leave the Russian market. In fact, many others have done it in the past. The economic sanctions that the whole world is imposing on Russia could help the country move in the opposite direction and stop the war in Ukraine.
Since the beginning of the conflict, around 1.3 million people have left Ukraine. Most of the people moved to Poland due to easy access to this country. In some cases, Poland is the first country used by Ukrainians to advance their journey.
People from all over the world have been sending financial and non-financial support to Ukraine to help in the fight against Russia. As UseTheBitcoin reported a few days ago, Bitcoin and cryptocurrency donations to Ukraine have exceeded $50 million. This shows that the whole world is ready to help the Ukrainians against Russian aggression.
The next few days will be very important for this conflict. The Russian forces seemed to have stalled their advance and that could give the Ukrainians time to recapture some towns and villages.