American Express exits Russia & Belarus after Visa, Mastercard

• US credit card and payments giant American Express says it is suspending its operations in Russia and Belarus, becoming the latest credit card giant to respond with measures denouncing Russian President Vladimir Putin’s decision to invade Ukraine, Bloomberg reported.

• 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 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, they said in separate statements.

• Their decisions came hours after Ukrainian President Volodymyr Zelenskyy called on the companies to suspend all business in Russia during a video call with U.S. lawmakers.

• Visa and Mastercard products issued by Russian banks will continue to work until they expire, according to the Russian central bank.

• Previously (Mar.3), London Stock Exchange, PayPal, U.K. add more financial pain for Russia.

• On Feb. 24, President Biden increased economic sanctions on Russia with restrictions on more Russian banks, and last week the EU was said to be set to kick seven Russian banks, including VTB, from the SWIFT global financial network.