US credit card and payments giant American Express said Sunday it is suspending its operations in Russia and Belarus over Moscow’s “unjustified” attack on Ukraine, the latest financial services blow to Russia over its invasion.
“In light of Russia’s ongoing, unjustified attack on the people of Ukraine, American Express is suspending all operations in Russia,” the company said in a statement, noting that American Express cards will no longer work at merchants or ATM money machines in Russia.
“We are also terminating all business operations in Belarus,” it added.
In addition to blocking usage of globally issued Amex cards in Russia, “cards issued locally in Russia by Russian banks will no longer work outside of the country on the American Express global network,” the company said.
American Express noted its previous steps taken, including halting its relationships with banks in Russia that have been impacted by sanctions slapped on Russia by the United States and Western allies.
The move follows card payment titans Visa and Mastercard, which had announced Saturday they will suspend operations in Russia.
“Noting the unprecedented nature of the current conflict and the uncertain economic environment,” Mastercard said it had “decided to suspend our network services in Russia.”
Visa, for its part, said that “effective immediately” it would “work with its clients and partners within Russia to cease all Visa transactions over the coming days.”
US President Joe Biden “welcomed the decision” during a phone call with his Ukrainian counterpart Volodymyr Zelensky in which the two discussed US, ally and private industry actions to deter Russia from further aggression, according to a White House readout.
Major corporations across a range of industries have halted business in Russia since its troops invaded Ukraine on February 24, including everything from US-based tech firms such as Intel and Airbnb to French luxury giants LVMH, Hermes and Chanel.
As government and corporate sanctions have taken effect, the Russian ruble has crashed to a record low, forcing the central bank in Moscow to more than double its key interest rate to 20 percent.
Russian President Vladimir Putin has banned residents from transferring money abroad.
The impact of the invasion has rippled through the global economy, with a barrel of oil now selling for close to $120, while prices for grains, some metals and other commodities exported by Russia and Ukraine are surging.
