By Major companies suspend operations in Russia
A number of major companies including Visa, PayPal and MasterCard have all suspended operations in Russia amid the ongoing situation in Ukraine.
This means that credit and debit cards issued by Russian banks will no longer work outside of the country, and those issued outside of the country will no longer work within Russia.
The move is expected to come as a significant blow to the nations economy, with Visa and MasterCard handling 90% of all debit and credit card payments outside of China.
The number of retailers severing ties with Russia is mounting rapidly.
IKEA and Puma have both shut stores across the country. Apple and Microsoft have also halted sales.
Elsewhere, international companies are continuing to pull Russian products from their shelves.
But some have argued that financial restrictions will harm innocent consumers, many of whom “likely oppose what their country is doing”.
What do you think of the measures? Let us know in the comments!
