American Express also suspending operations in Russia

American Express is the latest financial institution to suspend its operations in Russia amid the country’s ongoing war on Ukraine. 

In a statement on Sunday, the company said its cards will no longer work at merchants or ATMs in Russia, adding that cards issued locally will no longer operate outside the country under the institution’s global network. 

American Express also said that it will terminate all business operations in Belarus, which has supported Russia’s invasion, adding it has halted relationships with banks in Russia hit with U.S. and European sanctions. 

“​​Over the past few weeks, we have been working hard to back our colleagues and customers in these countries. While this decision will have an impact on them, we will continue to do what we can to support them,” it said in a statement. 

“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 announcement from American Express follows other U.S. financial institutions, including Visa and Mastercard, suspending their operations in Russia, leaving it increasingly isolated from the global economy. 

“We are compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed,” Visa CEO Al Kelly said in a statement Saturday.

“We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia. This war and the ongoing threat to peace and stability demand we respond in line with our values.”

The U.S. and Western Europe have taken unprecedented measures against Russia, cutting the country off from roughly $600 billion in reserves held by the Central Bank of Russia, blocking Russian access to the U.S. dollar and banning the state banks from using SWIFT, a messaging system used by banks to conduct international transactions.

The White House said President Biden praised Visa and Mastercard’s suspension of their business in Russia during a call with Ukrainian president Volodymyr Zelensky on Saturday.