SAWT BEIRUT INTERNATIONAL

| 3 March 2024, Sunday |

American Express suspends operations in Russia and Belarus

American Express Co said on Sunday that it will halt all operations in Russia and Belarus, joining a growing list of Western firms boycotting business in the country in response to Moscow’s invasion of Ukraine.

“In light of Russia’s continued, unjustifiable war on the people of Ukraine,” the credit card firm stated in a statement on its website.

“We are also ceasing all commercial activities in Belarus,” declared American Express.

American Express follows U.S. counterparts Visa Inc and Mastercard Inc , which announced a suspension of their Russian operations the previous day, as well as payments company PayPal Holdings Inc.

American Express said its globally issued cards would no longer work in Russia at merchants or at ATMs. In addition, cards issued by Russian banks in Russia would no longer work outside the country on American Express’ network.

The company said it has already suspended its relationships with Russian banks affected by U.S. and international sanctions.

    Source:
  • Reuters