Why did American Express halt operations in Russia and Belarus?

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American Express Halts Operations in Russia and Belarus Due to Ukraine Invasion

American Express has suspended all operations in Russia and Belarus, citing the ongoing and unjustified attack on Ukraine as the primary reason for this decision. This move means that American Express cards issued globally will cease to function within Russia at merchants or automated teller machines. Concurrently, cards issued by Russian banks within Russia will no longer be usable outside the country on the American Express network.
Suspension of Global Card Functionality in Russia

Globally issued American Express cards will no longer be accepted for transactions or cash withdrawals within Russia. This action effectively removes the ability for cardholders to use their American Express cards for any purchases or ATM services while in the country.
Restriction of Russian-Issued Cards Abroad

Similarly, American Express has also announced that cards issued by Russian banks within Russia will be rendered inoperable on its international network. This means that individuals holding cards from Russian banks will not be able to use them for payments or cash access when travelling outside of Russia.
Pre-existing Sanction-Related Suspensions

Prior to this comprehensive suspension, American Express had already severed relationships with Russian banks that were subject to United States and international sanctions. This indicates a phased approach to disengagement, with an initial focus on entities directly impacted by sanctions.
Alignment with Industry Peers

The decision by American Express to suspend operations follows similar actions taken by other major financial and payments companies. Visa Inc and Mastercard Inc, along with payments provider PayPal Holdings Inc, had previously announced their own suspensions of business activities in Russia, reflecting a broader industry trend in response to the conflict.

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Why did American Express halt operations in Russia and Belarus?

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