Visa and Mastercard suspend operations in Russia

Visa and Mastercard have announced they are suspending operations in Russia. Cards issued by Russian banks will stop working abroad, and foreign cards will not work in Russia.

Inside the country, cards of these systems will keep working until they expire thanks to the National Payment Card System. Several Russian banks have announced a switch to China's UnionPay.

The decision will affect both tourists and Russians who have moved abroad. In Armenia, many arrivals from Russia have started opening accounts with local banks.

Analysts expect demand for banking services in neighbouring countries from Russian citizens to rise sharply.