By John Meyer, financial consultant – Eurasia Business News, March 6, 2022
The American financial company American Express suspended the provision of services in Russia and Belarus, reported a press release published on Sunday.
The Chairman and Chief Executive Officer Stephen J. Squeri shared with workers of American Express the following words :
“In light of Russia’s ongoing, unjustified attack on the people of Ukraine, I want to update you on the actions we have taken to support our colleagues and customers in the region and provide humanitarian aid to those suffering the effects of this terrible war.
Earlier today, we announced that we are suspending all operations in Russia. As a result, globally issued American Express cards will no longer work at merchants or ATMs in Russia. Additionally, cards issued locally in Russia by Russian banks will no longer work outside of the country on the American Express global network. We are also suspending all business operations in Belarus. This is in addition to the previous steps we have taken, which include halting our relationships with banks in Russia impacted by the U.S. and international government sanctions. […]”
American express cards issued in Russia will not function outside the country.
Earlier, American Express, amid Western sanctions against Russian banks, legal entities and oligarchs, said that it was suspending cooperation with partners in the Russian Federation. On Saturday, international payment systems Visa and Mastercard simultaneously decided to suspend their work in Russia. All cards of these payment systems already issued by Russian banks will continue to work within Russia in the previous mode thanks to the National Payment Card System, but they cannot be used to buy foreign goods and services.
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Moody’s also announced in a press release on March 5 the suspension of its activities in Russia.
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