Visa has added itself to the list of financial institutions cutting ties with Russia amid the country’s invasion of Ukraine.
“We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia,” said Al Kelly, chairman and chief executive officer of Visa Inc.
The financial institution is currently working alongside its clients and partners to close off all its existing business operations in the country.
“This war and the ongoing threat to peace and stability demand we respond in line with our values,” Kelly said.
Once complete, Visa cards will be blocked from making any transaction within the Russian Federation, and cards issued in Russia will no longer work outside the country.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Kelly continued.
With operations in over 200 countries, Visa is now considered one of the leading financial institutions available for consumers and merchants on a global scale.