Invasion in Ukraine: Visa, Paypal, Samsung, Puma and parent Zara among the latest to halt operations in Russia | Economic news

Payments giant Visa has become the latest major firm to cut ties with Russia, saying “all transactions” will cease in the coming days.

Her decision is “effective immediately,” she said in a statement, adding that once the process is complete, “all transactions initiated with Visa cards issued in Russia will no longer work outside the country.”

Additionally: “Any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.”

Visa Chairman and CEO Al Kelly said the company felt “compelled to act following Russia’s unprovoked invasion of Ukraine and the unacceptable events we witnessed.”

Paypal, Samsung, Puma and the parent company of the fashion chain Zara have also deserted Russia.

Payments company Paypal closed its services in Russia on Saturday, blaming “the current circumstances”.

Chairman and CEO Dan Schulman said the company “stands with the international community in condemning Russia’s violent military aggression in Ukraine.”

Picture:
Ukraine’s second-largest city, Kharkiv, is among those that suffered from Russian attacks

Paypal will support withdrawals “for a period of time, ensuring that account balances are distributed in accordance with applicable laws and regulations,” a spokesperson said.

It comes four days after Paypal stopped accepting new users in Russia, and a day after it said it helped raise more than $150m (£113m) for charities supporting Ukraine.

German sportswear company Puma also announced on Saturday that it would suspend operations at its 100 stores in Russia.

Electronics giant Samsung has announced it will suspend shipments to Russia and donate $6m (£4.5m) to support humanitarian efforts in Ukraine.

And Spanish clothing giant Inditex has announced that it will “temporarily suspend” all activities in Russia.

Remains of the Russian fighter jet are seen in a residential area, amid the Russian invasion of Ukraine, in Chernihiv, Ukraine, in this photo released March 5, 2022. State Emergency of Ukraine/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
Picture:
Remains of a Russian fighter jet in Ukraine’s Chernihiv region

Zara’s parent company, Massimo Dutti, and other fashion chains, said that “in the current circumstances” it could not “guarantee the continuity of its operations and business conditions in the Russian Federation”.

Inditex said Russia accounts for 8.5% of its business and it would focus on developing a “special support plan” for its 9,000 employees.

The four companies followed others, including H&M, Apple, Microsoft, Mercedes-Benz and BP, all of which have ceased sales or operations in Russia since the invasion of Ukraine.

Read more:
Apple stops all product sales in Russia
Microsoft to suspend all sales and services in Russia

Boeing and Airbus – the two largest aircraft manufacturers in the world – have suspended the supply of parts and services to Russian airlines, which will make it difficult for the country to maintain its planes.

And various foreign media outlets have suspended their work in the country after the Russian government introduced a law threatening prison terms of up to 15 years for spreading what it considers fake news.

About Adam Motte

Check Also

Balmain Unicorn Luxury Sneaker Release Date

Over the past 50 years, some of the world’s most influential luxury brands have launched …