Mastercard recently confirmed its decision to suspend its operations in Russia amid the country’s ongoing conflict with Ukraine in an effort to “remain vigilant to ensure the safety and security of the global payments ecosystem and our network.”
“As we take these steps, we will continue to focus on their safety and well-being, including continuing to provide pay and benefits,” according to a Mastercard press release. “When it is appropriate, and if it is permissible under the law, we will use their passion and creativity to work to restore operations.”
The decision will block multiple financial institutions from the company’s payment network, and all cards issued by Russian banks, effective immediately. All Mastercards issued to users outside of the country will no longer be functionable at any Russian merchants or ATMs.
Initially, the credit card company pondered whether to continue servicing and providing support to those impacted in the region or cease operations altogether. But, after gathering feedback from its payment network of staff, stakeholders, customers, partners and governments, the company has chosen to follow the footsteps of other financial institutions to prioritize “the well-being and safety of our employees,” according to the release.
“It’s with all of this in mind – and noting the unprecedented nature of the current conflict and the uncertain economic environment – we have decided to suspend our network services in Russia,” the release said.
Mastercard also committed to protecting its clients from potential cyber attacks that may derive from the tension between the two European countries, pick up the slack of the suspension with the help of its teams and continue supporting its existing operations in other regions.
“Our Cyber & Intelligence teams will continue to work with governments and partners around the world to ensure that stability, integrity and resiliency of our systems continue to guide our operations and response to potential cyber-attacks,” the press release said.
With more than 25 years of business dealings in Russia, the company said the decision wasn’t taken “lightly,” highlighting the pivotal role its 200 colleagues play in servicing stakeholders worldwide. In a recent statement, it empathized with all parties involved in the war.
“These have been and will continue to be very difficult days – most of all for our employees and their families in Ukraine, for our colleagues with relatives and friends in the region, for our colleagues in Russia and for the rest of us who are watching from afar. As we take this step, we join with so many others in hoping for and committing to a more positive, productive and peaceful future for us all.”