Financial services corporations Visa, Mastercard, American Express, and PayPal have cut off transactions in Russia over the invasion of Ukraine.
But Russian consumers will still be able to access their funds, make withdrawals and domestic transfers, until their bank cards expire. They will not be able to make international payments.
Most domestic payments in Russia are handled by Russia’s homegrown payments system Mir.
“All cards of these payment systems already issued by Russian banks will continue to work within our country as before,” Mir’s operator said.
“Until the expiration of their validity, Visa and Mastercard cardholders have access to all the funds on their accounts, as well as all the usual payment transactions – paying for purchases, transferring funds from card to card, withdrawing cash, etc.”
American Express has also suspended all operations in Russia and Belarus. “In light of Russia’s ongoing, unjustified attack on the people of Ukraine, American Express is suspending all operations in Russia,” the credit card company said in a statement. “We are also terminating all business operations in Belarus.”
PayPal stopped accepting new customers in Russia on Wednesday and over the weekend expanded all of its services in the country.
In late February, some Russian banks were cut off from the main international payment system, SWIFT, also limiting international payments.