International payment systems Visa and MasterCard announced the suspension of their activities in Russia on Sunday night, according to Interfax.

After the companies will curtail all operations in Russia, the cards issued by Russian banks will not work abroad. Also cards issued by foreign financial institutions will not work in Russia.

Visa and MasterCard explained their decision by the Russian military operation in Ukraine, the news agency says.

"We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed. We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia. This war and the ongoing threat to peace and stability demand we respond in line with our values" said Visa CEO Al Kelly, quoted in the press release.

"It’s with all of this in mind – and noting the unprecedented nature of the current conflict and the uncertain economic environment – we have decided to suspend our network services in Russia," MasterCard said in a statement.

The company regretted the decision to leave the Russian market.

"We don’t take this decision lightly. MasterCard has operated in Russia for more than 25 years. We have nearly 200 colleagues there who make this company so critical to many stakeholders. As we take these steps, we will continue to focus on their safety and well-being, including continuing to provide pay and benefits. When it is appropriate, and if it is permissible under the law, we will use their passion and creativity to work to restore operations," MasterCard said.

Sberbank, the largest bank in Russia, explained that this decision will not affect the operation of Visa and MasterCard cards within the country. The cards will work, they can be used to perform operations in Russia - withdraw cash, make transfers by card number, pay both in offline stores and in Russian online stores.

"Payments abroad and in foreign online stores with Russian cards issued by Visa and MasterCard will be limited. We recommend that Russians abroad withdraw enough cash in advance and prepay major expenses (hotels, tickets)," Sberbank said in a statement.

Bank of Russia has confirmed that all Visa and Mastercard cards issued by Russian banks will continue to work in the territory of the Russian Federation as usual until their expiration date.

They added that it is impossible to use Visa and Mastercard cards abroad and to pay for orders in foreign online stores. To travel abroad the Central Bank recommends withdrawing cash or use a card of the Russian payment system "Mir" in the countries where it is accepted (according to the Central Bank, it is Turkey, Vietnam, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, South Ossetia and Abkhazia).

According to the official website of the Russian payment system, Mir cards are accepted by Turkey, UAE, Vietnam, Armenia, Belarus, Uzbekistan, Kyrgyzstan, Tajikistan, Kazakhstan and Cyprus.

According to Alfa-Bank, the process of disconnection will take at least three days. Until then, Visa and Mastercard cards will continue to work as usual.