Russia’s central bank has revoked the banking licence of American Express’s subsidiary in the country, following a request from the payment company, as reported by Reuters.
American Express had suspended its operations in Russia two years ago in response to the “unjustified attack on the people of Ukraine.” In May, Russian President Vladimir Putin approved AmEx’s move to liquidate its local subsidiary, leading to an official application in July. Now, according to Reuters, the central bank has officially cancelled the banking licence for the AmEx unit.
American Express was among several financial services firms, including PayPal, Mastercard, and Visa, that halted operations in Russia following the Ukraine conflict.