In 2023, the Russian subsidiaries of Visa and Mastercard improved their financial results in the Russian Federation, despite the cessation of their main activities in the country. The reason is a radical reduction in expenses and the revaluation of assets in foreign currency, writes Kommersant.
Join
Mastercard made a net profit of 5.3 billion rubles, while a year earlier it suffered a loss of 1.9 billion rubles. Visa reduced its losses almost six times: from 120.7 million to 20.8 million rubles.
Mastercard and Visa announced the suspension of operations in Russia on March 6, 2022. Mastercard’s losses after leaving the Russian Federation amounted to $34 million. Visa prohibited banks in countries bordering the Russian Federation from opening accounts for Russian citizens. Otherwise, Visa will impose a fine of $1 million for each card opened.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
