“From now on, Visa will work with customers and partners in Russia to terminate all Visa transactions in the coming days,” the company said in a statement.
It is noted that at the end of the process, all transactions initiated by Visa cards issued in Russia will not function outside the country.
Earlier, sporting goods manufacturer Puma announced the suspension of its stores in Russia in connection with the events in Ukraine.
Volvo, Scania and Ericsson also announced the suspension of business in Russia.
The IMF said that sanctions against Russia will have a significant impact on the global economy.