Purchase-Based Mastercard To Continue Paying Employees In Russia

PURCHASE, NY — Despite suspending its operations in Russia in response to the invasion of Ukraine, Mastercard executives at the company's global headquarters in Purchase said they will continue to support their colleagues in Russia.

This month, one of the most recognized credit card brands in the world announced that cards issued by Russian banks will no longer be supported by the Mastercard network, regardless of where they’re used - inside or outside of Russia. Additionally, any Mastercard issued outside of the country will not work at Russian merchants or ATMs.

Mastercard officials conceded that the decision to suspend Russian operations followed a recent action to block multiple financial institutions from the Mastercard payment network, as required by regulators globally.

The company said, however, it would not turn its back on its workforce in Russia.

"We don’t take this decision lightly. Mastercard has operated in Russia for more than 25 years," Mastercard officials said in a statement released on March 5. "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."

The company said that should it ever become "appropriate" and "permissible under the law," those now separated employees' " passion and creativity" will be key to restoring operations in Russia.

Mastercard said that in addition to causing upheaval for its customers and workers in the region, the war in Ukraine has raised serious cybersecurity concerns. The company said it will remain "vigilant to ensure the safety and security of the global payments ecosystem and our network." Officials said dedicated cyber security and intelligence teams are working with governments around the world to "ensure that stability, integrity and resiliency of our systems continue to guide our operations and response to potential cyber-attacks."

The multi-national conglomerate said that under the circumstances of rising global tensions and the potential for a lingering war in Europe, business concerns are taking a backseat to concerns about the well-being of colleagues, customers and partners.

"These have been and will continue to be very difficult days — most of all for our employees and their families in Ukraine; for our colleagues with relatives and friends in the region; for our colleagues in Russia; and for the rest of us who are watching from afar," Mastercard officials said. "As we take this step, we join with so many others in hoping for and committing to a more positive, productive and peaceful future for us all."