Visa, Mastercard Suspend Operations in Russia: What Does It Mean For Cardholders?

American Express says it is suspending its operations in Russia and Belarus, becoming the latest credit card giant to respond with measures denouncing Russian President Vladimir Putin’s decision to invade Ukraine. Globally issued American Express cards will no longer work at merchants or ATMs in Russia, while cards issued locally by Russian banks will no longer work outside of the country on the American Express global network, the company said in a statement Sunday. On Saturday, Visa Inc. and Mastercard Inc, each of which derive 4% of their net revenue from business linked to Russia, halted their operations in the country. Their decisions came hours after Ukrainian President Volodymyr Zelenskiy called on the companies to suspend all business in Russia during a video call with U.S. lawmakers. Subscribe to our YouTube channel: Subscribe to our newest channel Quicktake Explained: Bloomberg Quicktake brings you live global news and orig