(The hill) – American Express is the last financial institution to suspend its activities in Russia amid the country’s ongoing war with Ukraine.
In a statement on Sunday, the company said its cards would no longer work at merchants and ATMs in Russia, adding that locally issued cards would no longer work outside the country within the institution’s global network.
American Express also said it was suspending all business operations in Belarus that supported the Russian invasion, adding that it had cut ties with Russian banks affected by US and European sanctions.
“Over the past few weeks, we have worked hard to support our colleagues and clients in these countries. Despite the fact that this decision will affect them, we will continue to do everything possible to support them, ”the statement reads.
“One of the values of our company is” Do what is right. ” This principle has guided us throughout this difficult crisis and will continue to do so, as we support our colleagues, clients and the international community in the hope of a peaceful solution to this crisis. ”
An ad from American Express worth other US financial institutions, including Visa and Mastercard, are suspending their operations in Russia, leaving it increasingly isolated from the global economy.
“We are forced to act after Russia’s unwarranted invasion of Ukraine and the unacceptable events we have witnessed,” said Visa CEO El Kelly. said in a statement on Saturday.
“We regret that this will affect our esteemed colleagues as well as the customers, partners, sellers and cardholders we serve in Russia. This war and the constant threat to peace and stability require that we respond in accordance with our values. “
The United States and Western Europe have taken unprecedented action against Russia, removing about $ 600 billion from Russia’s central bank reserves, blocking Russia’s access to the U.S. dollar and banning state-owned banks from using SWIFT, a messaging system. banks for international operations.
This was stated by the White House President Biden appreciated the suspension of Visa and Mastercard of their business in Russia during a conversation with the President of Ukraine Vladimir Zelensky on saturday.