Russia revokes American Express’ banking licence

Russia’s central bank has revoked the banking licence of American Express Co.’s Russian subsidiary, following the US lender’s voluntary liquidation request.

The move came following the Russian President Vladimir Putin’s decree in May, which allowed American Express to wind down its operations in Russia, a step taken in response to Russia’s war in Ukraine.

In March 2022, American Express had halted all operations in Russia, citing the “unjustified attack on the people of Ukraine.” The subsidiary, which was ranked 300th in Russia’s banking system by assets, filed for liquidation in early July.

Foreign banks must now seek Putin’s approval to exit or sell stakes in their Russian ventures. American Express has not yet commented on the matter, and the current number of staff in Russia is unclear.

Attribution: Reuters

Sub-Editing: Y.Yasser