"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. "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."
Al Kelly, chairman and chief executive officer of Visa Inc., said in the statement that the company feels "compelled to act" following Russia’s "unprovoked invasion of Ukraine" and the "unacceptable events that we have witnessed."
"We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia," Kelly said. "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."
The announcements come as several large corporations have said they are cutting ties or attempting to cut ties with the country including BP, Shell, General Motors and Maersk.
Russia continues to launch airstrikes, shelling, and military operations inside Ukraine in an invasion that has resulted in a humanitarian crisis displacing over 1 million Ukrainians.
Between Feb. 24 and midnight on Friday, the U.N. recorded 1,085 civilian casualties in Ukraine, including 351 killed and 707 injured. Among those killed were 71 men, 41 women, eight boys, and four girls, as well as 217 adults and 10 children whose sex could not immediately be determined, according to the Office of the U.N. High Commissioner for Human Rights (OHCHR).
The agency added, however, that it "believes that the real figures are considerably higher."
Fox News’ Audrey Conklin contributed to this report