The Central Bank explained how Visa and Mastercard will work in Russia

Visa and Mastercard payment cards of Russian banks will continue to work in Russia "as usual", the press service of the Central Bank reported.

“All cards of Visa and Mastercard international payment systems issued by Russian banks will continue to work in Russia as usual until their expiration date. Operations on them are processed within the country in the National Payment Card System, and sanctions do not affect them. Client funds on accounts linked to such cards are fully preserved and available,” the statement said.

The Central Bank noted that holders of Visa and Mastercard cards in Russia will be able to conduct transactions at ATMs, pay with cards and make transfers from card to card. “At the same time, cross-border transactions with Visa and Mastercard cards will not be available. This applies both to paying for purchases in foreign online stores and using these cards abroad,” the regulator said.

Earlier in the day, Visa and Mastercard payment systems announced the suspension of all transactions in Russia. “We are compelled to do so after Russia’s unprovoked invasion of Ukraine and the unacceptable actions we have witnessed,” Visa CEO Al Kelly said. The companies also noted that any Mastercard or Visa card issued outside the country will not work in Russian stores or ATMs.