"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," said Visa's statement,

Similarly, Mastercard said that in addition to blocking some Russian financial institutions, it will end support for any cards issued by Russian banks and block transactions from cards issued outside Russia but used "at Russian merchants or ATMs."

Russia's central bank said in a statement that Visa and Mastercard cards would continue to work within Russia after the credit card processors announced their suspensions.

"Operations on them are processed within the country in the National Payment Card System, and sanctions do not affect them," the central bank said. "Customer funds on accounts linked to such cards are fully preserved and available."