Visa and Mastercard stated on Saturday night that they would cease operations in Russia in response to Russia's invasion of Ukraine, meeting an earlier request by Ukrainian President Volodymyr Zelensky.

"We are compelled to act following Russia's unprovoked invasion of Ukraine and the unacceptable events that we have witnessed," said Al Kelly, chairman, and CEO of Visa Inc. "We regret the impact this will have on our valued workers, as well as on the clients, partners, retailers, and cardholders in Russia that we serve. This battle, as well as the persistent threat to peace and stability, require us to act by our beliefs."

Visa cards issued in Russia will cease to operate outside the nation in the coming days, and Visa cards issued outside the country will cease to work within the country.

"As we have navigated and complied with our regulatory commitments, we have been in constant dialogue with our customers, partners and governments," Mastercard stated in a news release. "We gathered viewpoints from our staff, as well as from others in the industry, consumers, and shareholders. Additionally, we assessed what would be most critical to ensuring the continuous availability of services to vulnerable residents in the region, if possible."

"With all of this in mind – and in light of the unprecedented nature of the current conflict and the uncertain economic environment," Mastercard continued, "we have decided to suspend our network services in Russia."

According to Mastercard, cards issued by Russian banks will cease to support the Mastercard network. In contrast, Mastercards issued outside of Russia would stop being accepted at Russian retailers and ATMs.

Mastercard has been operating in Russia for over 25 years and employs roughly 200 people there. The corporation stated that it will resume operations in the country "when it is appropriate, and if it's permissible under the law."

According to TASS, the Central Bank of Russia announced late Saturday that Visa and Mastercard cards issued by Russian banks would continue to work within the country and that client balances associated with such cards are completely stored and available. These cards will not support cross-border transactions, either online or in-store.

Alfa-Bank noted that Visa and Mastercard's decision would likely take effect in approximately three days and encouraged customers traveling overseas with Russian credit cards to withdraw cash.

According to CNN, Zelensky urged for the suspension of commercial transactions, including those conducted through Visa and Mastercard, as well as increased military support, including planes, during a Zoom call with members of the US Congress on Saturday.