American Express terminates cooperation with Russia

SARAJEVO, (Patria) - American Express has also decided to sanction Russia due to its aggression against Ukraine.

This means terminating business with Russian banks.

"From the beginning of the crisis, we have been monitoring US and international sanctions, which has resulted in the termination of ties with sanctioned partner banks in Russia. We will continue to comply with all relevant legal rules as the situation evolves," said American Express CEO Stephen Squeri to the business portal Yahoo Finance. Earlier, Mastercard, Visa, and BlackRock had suspended their operations.

This decision followed the West's decision to exclude certain Russian banks from SWIFT.

American Express's decision is one in a series that will further hit Russia's economy.

Some expect that increasingly harsh sanctions will cause an economic collapse of this country.