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Visa and Mastercard Suspend Operations in Russia

In this interview with BBC Arabic, Dr Carole Nakhle, CEO of Crystol Energy, discusses the implications of the suspension of Visa and Mastercard services in Russia.

The objective of the economic sanctions imposed on Russia is to maximise the pressure on the country and make its invasion of Ukraine as costly as possible.

Dr Carole Nakhle discussing the implications of the suspension of Visa and Mastercard services in Russia

International companies leaving Russia partly fear exposure to the sanctions and partly do not want to be seen as indirectly funding the war which would seriously damage their reputation.

Of course, the Russian government and central bank will downplay the importance of this step. Russia has an alternative to the US payment systems, including its own as well as China’s Union pay, which is accepted in 180 countries and has been a competitor to the US systems.

The effects of the halt of Visa and Mastercard services in Russia will be mainly felt by the Russian citizen, which in turn can cause discontent with the government.

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