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MORE PRESSURE: American Express Suspends Operations in Russia and Belarus


American Express announced Sunday it is suspending all operations in Russia and Belarus.

Globally issued American Express cards will no longer work at merchants or ATMs in Russia, the company said in a statement. AmEx cards issued locally in Russia by the country’s banks will also no longer work outside of Russia.

The company previously halted its relationships with banks in Russia impacted by the U.S. and international government sanctions, the company said.

The moves are “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 said.

On Saturday, Visa Inc. and Mastercard Inc, each of which derive 4% of their net revenue from business linked to Russia, halted their operations in the country. Their decisions came hours after Ukrainian President Volodymyr Zelenskiy called on the companies to suspend all business in Russia during a video call with U.S. lawmakers.

Visa customers in Russia who have a card issued there can still pay for goods and services in the country, but the company won’t process the transactions. Processing will be left to Russia’s National Payment Card System, or NSPK.

(AP)



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