How Did Decision to Suspend Operations in Russia Impact Visa?
After Russia invaded Ukraine in late February, many corporations suspended business operations in Russia in protest of the country's unprovoked attack. One of those companies was the largest credit processing company in the world, Visa (NYSE: V).
Effective March 5, all transactions initiated with Visa credit cards issued in Russia no longer work outside the country, and any Visa cards issued outside of Russia no longer work within Russia.
"We are compelled to act following Russia's unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed," Al Kelly, chairman and CEO of Visa, said. "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."
Source Fool.com
