Mastercard Suspends Operations In Russia

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Mastercard Suspends Operations In Russia
Mastercard Suspends Operations In Russia

For more than a week, the world has been witnessing the shocking and devastation caused by Russia’s invasion of Ukraine. Our coworkers, customers, and partners have been impacted in ways that most of us could not have predicted.

 

We have previously shared the steps we have taken in response to these events, with our employees’ well-being and safety being our top priority. And, as we navigated and met our regulatory obligations, we maintained constant communication with our customers, partners, and governments. We’ve heard from our employees, as well as people from other industries, consumers, and shareholders. We also considered what would be most important to support the continued availability of services, if necessary.

 

We have decided to suspend our network services in Russia in light of all of this, as well as the unprecedented nature of the current conflict and the uncertain economic environment.

 

This decision stems from our recent action to bar multiple financial institutions from using the Mastercard payment network, as required by regulators around the world.

 

Cards issued by Russian banks will no longer be supported by the Mastercard network, regardless of whether they are used inside or outside of Russia, as a result of this action. Furthermore, any Mastercard issued outside of the country will not be accepted at Russian merchants or ATMs.

This is not a decision we make lightly. Mastercard has been present in Russia for over 25 years. We have nearly 200 colleagues there who contribute to the importance of this company to many stakeholders.

We will continue to prioritize their safety and well-being as we take these steps, including providing pay and benefits. We will use their passion and creativity to work to restore operations when it is appropriate and permissible under the law.

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Meanwhile, our teams in the region and around the world will continue to enable and advance our global business, assisting customers in other geographies where we currently do business. As they do so, we will remain vigilant to ensure the global payments ecosystem and our network’s safety and security.

Our Cyber and Intelligence teams will continue to collaborate with governments and partners around the world to ensure that the stability, integrity, and resiliency of our systems guide our operations and response to potential cyber-attacks.

These have been and will continue to be very difficult days – especially for our employees and their families in Ukraine, our colleagues with relatives and friends in the region, our colleagues in Russia, and the rest of us watching from afar.

With this step, we join so many others in hoping for and committing to a more positive, productive, and peaceful future for all of us.