Reportedly, American Express Company (AXP) is the latest credit card company to announce it is pulling out of Russia and Belarus as Vladimir Putin’s invasion into Ukraine escalates. The company informed that globally issued American Express cards will no longer work at merchants or ATMs in Russia. Cards issued “locally in Russia by Russian banks” will stop working outside the country.
Earlier, Visa (V) and Mastercard (MS) have also announced a suspension of their Russian operations. Additionally, PayPal (PYPL) has closed its services while Puma and IKEA have closed stores. Apple (AAPL)and Microsoft (MSFT) have halted product sales and Hollywood studios have postponed the release of new movies.
Dow 30 component American Express Company (AXP) and its subsidiaries provide customers and businesses with charge and credit payment card products and travel-related services globally. They look to enrich the lives of their customers and build business success. To learn more about American Express Company (AXP) and to continue to track its progress please visit the Vista Partners American Express Coverage Page.
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