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Visa's announcement states that its efforts will mean '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. Russian banks are reportedly looking to work with Chinese credit card outfits to circumvent the suspensions. And, any Mastercard issued outside of the country will not work at Russian merchants or ATMs.' Mastercard Russia will nonetheless keep its people on the books and continue to pay them and provide benefits. Mastercard's announcement states its decision means 'cards issued by Russian banks will no longer be supported by the Mastercard network. More big technology industry players have cut off services to Russia, in protest at its illegal invasion of Ukraine and a new media law imposed to stop the flow of news from the war zone.Ĭredit card giants Visa and Mastercard have each suspended their Russian operations. Other measures outlined in the FAQ are the ability to offer jobs to foreign workers without first having visas approved, a zero per cent tax rate for tech companies involved in activities the Kremlin feels are necessary, preferential mortgage rates for techies, and even exemption from military service. The answer is that Russia plans a round of subsidies aimed at sparking the development of software it's felt may soon be hard to source or operate.

Among the questions asked is the poser: 'What to do if IT specialists massively lose their jobs due to the suspension of the activities of foreign companies or a reduction in the export revenue of Russian developers?' News of the industry support measures comes from an FAQ published by the Ministry on Saturday, which The Register has translated with online services. Russia's Ministry of Digital Development has acknowledged that sanctions may send its tech businesses to the wall, and announced a raft of measures designed to stop that happening – among them ending dependency on internet infrastructure hosted offshore and disconnecting from the global internet.