Mastercard, PayPal, Visa and American Express are the latest financial services companies to shut down services in Russia.
In Brief:
PayPal has stopped taking on new users but will enable withdrawals for existing customers.
The three card providers have now suspended “all network services” in the country.
Cards issued by Russian banks won’t be supported by these networks anywhere in the world.
What does this mean?
This is part of a number of sanctions being placed on Russia and is an escalation from targeting specific banks. Cards issued outside of Russia sill not work at Russian merchants and ATMs until the companies deem this “appropriate” again.
