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22 May, 2024 20:06

Putin orders American Express bank to liquidate

The US credit institution has been given the right to “voluntary” close its Russia business
Putin orders American Express bank to liquidate

Russian President Vladimir Putin has granted American Express bank the right to “voluntary liquidate” its business in Russia, according to a document published on the portal of legal acts on Wednesday.

The order did not specify how and when exactly the liquidation process will take place.

According to the document, the decision comes in accordance with a decree signed by Putin in August 2022 concerning special economic measures in the financial and energy sectors in connection with the “unfriendly actions of some foreign states and international organizations.”

In October 2022, Putin approved a list of 45 foreign-owned credit institutions, including American Express, transactions in the shares or share capital of which were banned without the president’s special permission.

American Express announced in March 2022 that it was suspending all operations in Russia and Belarus in light of Western sanctions over the Ukraine conflict. The decision followed a similar move by fellow US payments firms Visa and Mastercard.

Since then, globally issued AmEx cards no longer work in Russia, while cards issued locally in Russia don’t work outside the country on the American Express global network.

American Express had been operating in Russia since 2008, as part of the American Express Global Corporate Payments business division.