The Russian economy has been delivered yet another devastating blow as Mastercard, Visa and PayPal have suspended all operations in Russia.

ATM’s at Russian banks will no longer accept their cards which will be devastating for the Russian people.

“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Visa CEO Al Kelly said.

A Mastercard spokesperson said, “We don’t take this decision lightly.”

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On Saturday PayPal announced that they have shut their services across Russia and Dan Schulman said they stand “with the international community in condemning Russia’s violent military aggression in Ukraine.”

To date Western sanctions on Russia has frozen more than £480bn in assets of Russian central banks.

US President Joe Biden welcomed Visa’s and Mastercard’s decisions to suspend operations in Russia.