For people with a conscience and heart, it’s difficult to watch what is taking place in Ukraine and not feel moved and compelled to do something, including some decision-makers at major companies.
Major kudos to both Visa and Mastercard for making the bold move Saturday of suspending all business operations in the entire country of Russia because they invaded Ukraine.
Here’s part of the press release Visa issued Saturday.
“Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days. Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country, and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.”
CEO Al Chairman added this quote in an additional statement.
“We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia, This war and the ongoing threat to peace and stability demand we respond in line with our values.”
Mastercard followed with a similar announcement. They took their actions because of the “unprecedented nature of the current conflict.”
About 4% of Mastercard’s net revenues were derived from business conducted within, into, and out of Russia, and 2% of its net revenues came from business conducted in Ukraine.
They join a growing list of companies cutting ties with Russia that includes BP, Shell, and General Motors.
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