American Express Suspends Operations In Russia And Belarus – CNN

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The national average price for gas reached $3.84 a gallon, with nine states crossing the $4 mark. CNN’s Matt Egan reports on how a de facto ban on Russian oil is driving up prices at the pump.

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Gas prices are displayed on a sign at a gas station on March 03, 2022 in Hampshire, Illinois.

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WASHINGTON, DC - MARCH 01: U.S. President Joe Biden delivers the State of the Union address during a joint session of Congress in the U.S. Capitol's House Chamber March 01, 2022 in Washington, DC. During his first State of the Union address Biden spoke on his administration's efforts to lead a global response to the Russian invasion of Ukraine, work to curb inflation and to bring the country out of the COVID-19 pandemic. (Photo by Win McNamee/Getty Images)

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A picture taken on March 3, 2022 in a shipyard of La Ciotat, near Marseille, southern France, shows a yacht, Amore Vero, owned by a company linked to Igor Sechin, chief executive of Russian energy giant Rosneft. - The French government on March 3 said it had seized in La Ciotat a superyacht owned by a company linked to Igor Sechin, chief executive of Russian energy giant Rosneft and close confidant of the Russian President, as part of the implementation of European Union sanctions against Russian invasion of Ukraine. (Photo by NICOLAS TUCAT / AFP) (Photo by NICOLAS TUCAT/AFP via Getty Images)

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The West showed it was ready to target Russia’s huge energy industry after Moscow ordered troops into parts of eastern Ukraine. Germany plans to halt certification of the Nord Stream 2 gas pipeline. CNN’s Nina dos Santos reports.

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New York CNN Business —  

American Express (AXP) is the latest credit card company to announce it is ending its operations in Russia as its invasion into Ukraine escalates.

On Sunday, the company said in a statement that globally issued American Express cards will no longer work in Russia, and cards issued in Russia won’t work outside the country.

American Express also said it is ending its business operations in Belarus.

“This is in addition to the previous steps we have taken, which include halting our relationships with banks in Russia impacted by the US and international government sanctions,” American Express said in a statement Sunday.

In a memo from chairman and CEO Stephen Squeri, American Express said it does not employ anyone directly in Ukraine but it does have “dozens of colleagues” in Russia.

Other credit card companies have taken similar steps this weekend.

Mastercard (MA) said Saturday it was suspending its network services in Russia. Cards supported by Russian banks will not work in Mastercard (MA)’s network, and any cards issued outside of Russia will not work within the country.

“Our colleagues, our customers and our partners have been affected in ways that most of us could not imagine,” Mastercard said in a statement Saturday. “This decision flows from our recent action to block multiple financial institutions from the Mastercard payment network, as required by regulators globally.”

The company, which has operated in Russia for more than 25 years, had previously announced that it had “blocked multiple financial institutions” from its network as a result of sanctions on Russia and would “continue to work with regulators in the days ahead.”

Visa (V) said Saturday it is suspending all of its operations in Russia. Over the next few days, it will end all Visa (V) transactions within Russia, and Visa (V) cards issued in Russia will no longer work outside of the country. In addition, all Visa (V) cards worldwide “will no longer work within the Russian Federation,” Visa (V) said.

“We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia,” Visa Chairman and CEO Al Kelly said in a statement Saturday.