According to various sources, Mastercard has halted operations in Russia, and Visa is considering doing the same. Following its invasion of Ukraine, the financial services corporations' actions are the latest to attack the country's financial system.

"We don't take this decision lightly," Mastercard said in a statement, adding that it was reached after discussions with customers, partners, and government officials.

“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” added Visa Chairman and Chief Executive Officer Al Kelly in a statement. “This war and the ongoing threat to peace and stability demand we respond in line with our values.”

The US State Department also issued an alert today advising all American nationals living or traveling in Russia to leave the country "immediately."

“Do not travel to Russia due to the unprovoked and unjustified attack by Russian military forces in Ukraine, the potential for harassment against U.S. citizens by Russian government security officials, the Embassy’s limited ability to assist U.S. citizens in Russia, COVID-19 and related entry restrictions, terrorism, limited flights into and out of Russia, and the arbitrary enforcement of local law. U.S. citizens should depart Russia immediately,” said the notice posted to the State Department’s website. “U.S. citizens residing or traveling in Russia should depart immediately. Limited commercial flight options are still available. Overland routes by car and bus are also still open. If you wish to depart Russia, you should make arrangements on your own as soon as possible. If you plan to stay in Russia, understand the U.S. Embassy has severe limitations on its ability to assist U.S. citizens, and conditions, including transportation options, may change suddenly.”

On February 24, Russia started an attack on Ukraine under the leadership of President Vladimir Putin. The ruble, the country's currency, has plummeted to a historic low of less than one US cent in the days afterwards, with the US joining the UK and EU, as well as Switzerland, Japan, Canada, and other countries, in applying different financial penalties.