Visa, Mastercard Issued in Russia to Keep Functioning- Central Bank

The Central Bank of Russia announced that "Visa" and "Mastercard" cards issued by Russian banks will continue to operate in Russia thanks to the alternative Russian money transfer system and that sanctions will not affect this.

The bank explained that the cards are subject to the National Payments Service (NSPK), so the sanctions will not affect them, and the funds are available to customers within the territory of Russia normally.

It added that financial transactions using "Visa" and "Mastercard" outside Russia will not be available, including foreign online stores.

It stressed that in the case of travel abroad, it is recommended to use the cards of the national payment system "Mir", which are adopted by countries including Turkey, Belarus, Vietnam, and Tajikistan.

On his part, US President Joe Biden welcomed the decision of "Visa" and "Mastercard" to suspend work in Russia.

"President Biden pointed to the ongoing pressure exerted by the United States, its allies, partners, and the private sector on Russia. He particularly welcomed the decision by the two companies to suspend services in Russia," the White House statement read.