Visa Inc. and MasterCard Inc. have suspended operations in Russia amid growing pressure from within Ukraine and from U.S. lawmakers to do so.
The decisions came hours after President Volodymyr Zelenskiy asked U.S. lawmakers to urge both companies to cease business in Russia as that country pursues its assault on Ukraine. President Joe Biden spoke with Zelenskiy on Saturday.
Visa Inc. and MasterCard Inc. have suspended operations in Russia amid growing pressure from within Ukraine and from U.S. lawmakers to do so.
The decisions came hours after President Volodymyr Zelenskiy asked U.S. lawmakers to urge both companies to cease business in Russia as that country pursues its assault on Ukraine. President Joe Biden spoke with Zelenskiy on Saturday.
Putin Warns Ukraine as Safe-Corridor Plans Descend Into Chaos
Key Developments
- Visa and Mastercard Suspend Their Operations in Russia
- Shell Says It Bought Russian Oil After Government Talks
- Russia Energy Chaos Triggers the Biggest Market Shock in Decades
- More Than a Million People Have Fled Ukraine in Just One Week
All times CET:
Biden Speaks to Zelenskiy in Call (1:10 a.m.)
Biden called Zelenskiy on Saturday evening and the two leaders spoke for about half an hour, according to White House, which did not immediately provide further details.
U.S. in Talks With Poland, Slovakia on Fighter Jets (12:06 a.m.)
The Biden administration is considering backfilling any Soviet-era fighter jets Poland may send from its own fleet to Ukraine, a White House spokesperson said.
The decision is Poland’s to make, the spokesperson said, adding that there are logistical and other challenges, including how to transfer aircraft from Poland to Ukraine.
F-16 fighter jets are what the U.S. would likely send Poland, according to a person with the matter. The process would be time consuming and involve bidding for and awarding a contract, as well as building planes specific to the country and providing training.
A member of Congress said the U.S. is also in talks with Slovakia.
Visa, MasterCard Suspend Russia Operations (11:15 p.m.)
Visa Inc. and MasterCard Inc. are suspending their Russia operations after mounting pressure.
All transactions initiated with Visa cards issued in Russia will no longer work abroad. Any Visa cards issued by financial institutions outside of Russia will also no longer work within the country, the company said in a statement Saturday.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Al Kelly, chairman and chief executive officer. MasterCard, which provided fewer details on the suspension, said in a statement that given the “unprecedented nature of the current conflict and the uncertain economic environment – we have decided to suspend our network services in Russia.” U.S. lawmakers have called for the companies to halt transactions in Russia.
Blinken Crosses Into Ukraine to Meet Kuleba (11:10 p.m.)
U.S. Secretary of State Antony Blinken crossed from Poland into Ukraine on Saturday for a meeting with Dmytro Kuleba, Ukraine’s foreign minister.
“We’ve come from several days of meetings with NATO, the European Union, countries beyond the G7, and we see that support not only continue – security support, humanitarian support, economic support – but that support will increase,” Blinken said, according to a State Department account of the encounter at the border.
In Poland, Blinken toured a welcome center for Ukrainians who fled in the wake of the Russian invasion. “The Polish people’s welcome has inspired the world amidst the tragedy and suffering Putin’s war has wrought upon Ukraine,” he said on Twitter.
EU Provides Initial Refugee Assistance (10:57 p.m.)
The European Union on Saturday announced the first tranche of 500 million euros to help Ukrainian refugees crossing the border into European nations.
“Refugees from Ukraine deserve our solidarity and support, and so do the countries that welcome them,” EU President Ursula von der Leyen tweeted Saturday.
The news comes on the heels of a Friday decision to allow most Ukrainian refugees to live and work in the EU and have access to health services and schools for at least a year.
IAEA Reports on Seized Ukrainian Nuclear Plants (10:37 p.m.)
Radiation levels at the Zaporizhzhia nuclear plant are normal and technical safety systems remain intact a day after Russian forces took control of the site, the International Atomic Energy Agency said in an update, citing Ukraine officials.
However, staff at the Chernobyl nuclear plant -- seized by Russian military last week -- have been on site since Feb. 23 and have been unable to rotate shifts, the IAEA said.
Putin Allows Foreign Credit Payments in Rubles (9:15pm)
Russia and Russian companies will be allowed, for now, to pay some of their foreign creditors in rubles, according to a decree signed by Putin on Saturday.
The temporary rules let the government and other entities circumvent technical problems when dealing in foreign currency and pay instead in quickly depreciating rubles.
The decree applies to payments of more than 10 million rubles per month to creditors from “countries that engage in hostile activities” against Russia, its companies and citizens. The government will prepare a list of such countries within two days.
OMV to Write Off Up to $2 Billion in Russia Exit (9 p.m.)
OMV AG will book charges of as much as $2 billion as it exits most Russian projects, the company said on Saturday. The Austrian fossil-fuel company follows peers in writing off credit it provided for the construction of the Nord Stream 2 pipeline, and will also consider divesting its stake in a natural gas field.
OMV’s executives will travel to Qatar and Abu Dhabi with Austrian Chancellor Karl Nehammer over the weekend to negotiate alternative gas sources.
Israeli Premier Meets With Putin in Surprise Moscow Trip (6:31 p.m.)
Bennett was accompanied by Housing Minister Ze’ev Elkin who speaks Russian and translated during the meeting, which went for around three hours. The White House was informed in advance of the trip, according to a spokeswoman for Bennett.
Bennett has held phone conversations with both Putin and Zelenskiy in recent days as Israel attempts to leverage its good relations with both Kyiv and Moscow to help mediate.
The prime minister also spoke with Putin about the situation facing Israelis and Jewish communities as a result of the conflict in Ukraine, according to an Israeli official.
Putin and Bennett discussed “various aspects of the situation in Ukraine in the context of the Russian special operation to defend Donbas,” the Kremlin said in an emailed statement, which did not give further details of the talks.
Prada Suspends Retail Operations in Russia (6:30 p.m.)
“Our primary concern is for all colleagues and their families affected by the tragedy in Ukraine, and we will continue to support them,” the company said in a statement.
U.S. Urges Americans to Leave Russia ‘Immediately’ (6:28 p.m.)
The State Department issued an updated advisory that cited the potential for harassment and the embassy’s limited ability to assist citizens there. “Limited commercial flight options are still available. Overland routes by car and bus are also still open,” it said. “If you wish to depart Russia, you should make arrangements on your own as soon as possible.”
Russian Food Retailers Limit Purchases After Run on Goods (5:45 p.m.)
Russian retailers restricted purchases of staple, “socially important” food items following reports of hoarding after this week’s drastic ruble devaluation and on concerns about disruptions to imports. The Agriculture Ministry said in a statement it supported the move.
Earlier, Russia’s biggest food retailer said it would temporarily limit large purchases of some goods after a spike in demand for foods like sugar, sunflower oil and buckwheat in several regions. X5 Retail Group NV said it has sufficient supplies but is struggling to pack and transport products quickly enough to meet demand.
Source: bloomberg.com