Mastercard, Visa suspend services in Russia amid invasion of Ukraine

Payments giants Mastercard and Visa joined the growing ranks of payments firms and fintechs that have suspended operations in Russia amid that country's invasion of Ukraine.

In statements issued Saturday, the two firms both said that cards issued within Russia will no longer work, and those issued outside of the country will no longer work inside Russia. 

Earlier Saturday, PayPal said that it would close its services in the country. 

As The Block reported Friday, neobank Revolut said that it was ending support for entities in Russia in Belarus, following moves from TransferGo, Wirex and other payments-focused companies. 

The cessation of business for major payments firms is occurring as part of a broader economic retaliation against Russia's invasion of Ukraine. Late last month, the US and governments in the EU moved to remove selected Russian banks from the SWIFT payments messaging network, and the foreign reserves of Russia's central bank have also been frozen.