Visa and Mastercard said Saturday that they have suspended all Russian operations because of its war in Ukraine.

“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,” the US multinational financial services company said in a statement.

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

Kelly described the war as an "ongoing threat to peace and stability" that demands the company should "respond in line with our values.”

And Mastercard said it would also cease operations in Russia for similar reasons.

Cards issued by Russian banks will no longer be supported by the Mastercard network and any Mastercard issued outside of country will not work at Russian merchants or ATMs, it said.

Russia's war on Ukraine has led to international outrage, with the EU, US, UK and others implementing tough financial sanctions on Moscow. The West is also supplying Kyiv with weapons and humanitarian aid.

At least 351 civilians have been killed and 707 injured in Ukraine since the beginning of the war on Feb. 24, according to UN figures.

More than 1.3 million people have fled to neighboring countries, the latest data by the UN Refugee Agency showed./aa