Payment giants join Russia exodus

The world’s top payment providers have pulled out of Russia in response to Moscow’s assault on Ukraine.

American Express, Mastercard and Visa debit and credit cards issued by Russian banks will be booted out of their networks, the trio announced over the weekend.

Cards issued outside of Russia will no longer work at ATMs in the country or at Russian businesses.

The move adds to the growing list of companies shunning Moscow in protest at its invasion of Ukraine.

Fellow payments firm Paypal said it is pulling out of the country due to Russia’s “violent military aggression in Ukraine,” it said.

Al Kelly, chief executive of Visa, said: “This war and the ongoing threat to peace and stability demand we respond in line with our values.”

Mastercard said in a statement on Saturday that “noting the unprecedented nature of the current conflict and the uncertain economic environment,” the firm had “decided to suspend our network services in Russia”. 

Western corporates have been severing ties with Moscow ever since the war started.

Oil giant BP announced it will sell its near 20 per cent stake in Kremlin-backed energy firm Rosneft. 

Shell said it is pulling out of the Russian built Nord Stream 2 pipeline.

Automakers Volvo and Jaguar Land Rover have stopped sending cars to the country. Retailer Zara will close all stores in Russia.

Amex, Visa and Mastercard’s move add to Russia’s consumers’ woes as the Kremlin ramps up its assault on Ukraine. The companies support around 90 per cent of all debit and credit card transactions in the world outside of China.

Sanctions launched by the West to hamstring the Russian economy has sparked concern over the strength of the country’s financial system, leading to queues to pile up outside banks across the country as citizens scrambled to pull their money out of banks.