Mastercard and Visa, the world’s largest card payment companies, said on Saturday that they will cease operations in Russia, becoming the latest major US company to do so in reaction to Moscow’s invasion of Ukraine. Visa, for its part, announced it will suspend all Visa commerce in Russia immediately.

According to a White House statement, US President Joe Biden “welcomed the decision” during a phone discussion with his Ukrainian counterpart Volodymyr Zelensky, during which the two addressed US, allied, and private-sector initiatives to prevent Russian aggression.

Visa Has Announced That It Will Work With Clients To Stop Transactions In Russia

Since the invasion began 10 days ago, major organizations across a wide range of sectors have ceased operations in Russia, including anything from US-based internet firms like Intel and Airbnb to French luxury giants LVMH, Hermes, and Chanel.

Visa and Mastercard have already said that they will abide by the US and international restrictions imposed on Russia in the aftermath of the assault. In a similar vein, Visa announced that cards authorized in Russia will no longer be used outside Russia.

Both firms stated that cards issued outside of Russia would no longer be accepted. Russia’s main banks, notably Sberbank, the country’s largest lender, and the Russia Central Bank, minimized the impact of the cards’ bans on its customers. According to the statement, the cards will continue to operate on Russian soil because all payments in Russia are made through a national system that is not reliant on international networks.

The central bank, on the other hand, advised Russians traveling overseas to have a backup plan in place. Mastercard also stated that its almost 200 employees in Russia will continue to receive salary and benefits.