Russia-Ukraine War: Will Russia's economy be affected?

Today is the 11th day of the war between russia and Ukraine, because of this fight, where the global market is in trouble. At the same time, many big countries including America have started trying to worsen the condition of its economy by imposing economic sanctions on Russia. Now America has taken another tough decision, America has imposed all kinds of sanctions in russia regarding payment firms Visa Inc and Mastercard Inc. Cards of Russian banks will no longer be able to work outside the country.

Strict visa

Visa has issued a statement. The statement said that Visa will work with its customers and their partners within russia to stop all Visa transactions in the coming days. The work will stop after the transaction is completed. Transactions initiated with Visa cards issued in russia will now be restricted to within the country. That is, now it will not be able to work outside the country. 

Is Russia's economy collapsing?

After Russian President Vladimir Putin's war on Ukraine, inflation in the global market has increased. Now the international community has taken this step to isolate Russia's economy. Al Kelly, CEO of Visa Inc. said that it is dangerous for war, peace and stability. This decision is being taken because russia attacks Ukraine. We are being forced to take this action because of Russia's war on Ukraine. It is not that we are the only one imposing this ban. Many such companies around the world are taking important steps to put financial pressure on russia and its people.

Mastercard bans transactions in Russia

In this case, Mastercard said that the cards issued by Russian banks will no longer work through its network. Any Russian cards issued outside the country will no longer work in stores or ATMs. Mastercard said that it is taking this decision very seriously. At the same time, the Russian central bank issued a statement saying that Visa and MasterCard products issued by Russian banks will continue to work until the end.