BREAKING: Visa, Mastercard suspend operations in Russia over invasion of Ukraine

"Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days," Visa said in a press release, adding: "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 CEO Al Kelly said in the statement that the company feels "compelled to act" following the "unacceptable events that we have witnessed" in the region.

"We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia ... This war and the ongoing threat to peace and stability demand we respond in line with our values."

Mastercard said in a statement Saturday that it also made the decision to suspend services in Russia due to the "unprecedented nature of the current conflict."

Visa and Mastercard join a growing list of corporations that are halting services in Russia in response to Russian President Vladimir Putin's military aggression.

PayPal, the US-based payment exchange app, was one of the most recent companies to suspend its services there in opposition to Russian hostilities.