Visa and Mastercard suspend services as economic noose tightens on Russia: report

Following global criticism, Visa and Mastercard suspended their credit card services in Russia on Saturday.

"I hope Visa and Mastercard CEOs feel uncomfortable about making money in Russia, while other Western firms have interrupted their businesses there," former ambassador to Russia Michael McFaul posted to Twitter on Tuesday.

"Get on the right side of history! Russians need to feel the pain of their passivity in allowing Putin to continue this heinous war," McFaul explained.

On Saturday, the companies did just that.

"Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days. Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation," Visa said in a statement.

Mastercard also released a statement saying it has "decided to suspend our network services in Russia.

"Russia is quite literally shut off from the global economy now," CNN's Bianna Golodryga noted.

"Major credit card transactions suspended, flights soon to be grounded, most western airspace restricted, western businesses pulled out, domestic businesses, sanctioned," she explained. "I’m not sure how the stock market can open."