Visa and Mastercard on Saturday ceased their operations in Russia, as corporations continue to withdraw from the country in response to its invasion of Ukraine.

In a statement, Visa CEO Al Kelly decried the war as an “ongoing threat to peace and stability” that requires them to “respond in line with our values.”

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“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” he wrote. “We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia.”

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According to the statement, Visa will work with its clients and partners in Russia to instantly halt all transactions in the coming days, and Visa cards issued outside of Russia will no longer work inside the nation.

Meanwhile, Mastercard announced in a statement that it will suspend operations in Russia as a result of the invasion.

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The move comes only hours after Ukrainian President Volodymyr Zelensky appealed with Visa and Mastercard to stop operating in Russia during a phone call with US senators, according to the Associated Press.

The suspensions are a follow-up to earlier this week’s more restricted steps to bar financial firms from networks that act as arteries for the payments system. Heavy sanctions and financial penalties imposed by the US government and others have already had a significant impact on the Russian people.

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Since Russia’s invasion of Ukraine, the ruble’s value has dropped by more than a third to a historic low. This is driving up inflation for Russian households, and all of the concern has contributed to extremely long lineups at ATMs.

As a result of Russia’s aggression on Ukraine, many other firms around the world have taken steps to raise financial pressure on Russia and its people. Some are selling their holdings in Russian corporations, such as BP, while others, such as Harley-Davidson, have suspended product shipments to the nation.