American Express is suspending all its operations in Russia and Belarus.
The credit card service company said in a statement Sunday that American Express cards will no longer work at merchants or ATMs in Russia. Cards issued by Russian banks will also no longer work outside of the country.
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VISA AND MASTERCARD SUSPEND SERVICES IN RUSSIA
“One of our company values is to ‘Do What is Right.’ This principle has guided us throughout this difficult crisis and will continue to do so, as we stand by our colleagues, customers, and the international community in hoping for a peaceful resolution to this crisis,” the statement read.
Business operations in Belarus will also be halted.
The decision comes a day after Visa and Mastercard announced that they would be working with clients and partners to cease transactions in Russia.
“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” said Visa, Inc. CEO Al Kelly. “We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia.”
Mastercard also said in a statement Saturday that they would be suspending services in Russia, adding to a previous decision to block several financial institutions from the network.
“We don’t take this decision lightly. Mastercard has operated in Russia for more than 25 years,” the statement read. “As we take this step, we join with so many others in hoping for and committing to a more positive, productive and peaceful future for us all. ”
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The announcement is the latest in a mounting number of financial implications against Russia as it continues to invade Ukraine.
