Russia Revokes License of American Express Bank LLC

Aug 13, 2024, 09:09 AM

The Central Bank of the Russian Federation has revoked the banking license of American Express Bank LLC, the Russian subsidiary of American Express Co. This decision follows a voluntary liquidation request filed by the U.S. lender's unit. American Express Bank had previously suspended its operations in Russia and was among the U.S. credit card companies that blocked Russian banks from their payment networks in response to Russia's 2022 invasion of Ukraine.