American Express to halt cooperation with partners in Russia

The US financial company American Express is halting cooperation with partners in Russia amid sanctions, according to a statement released on its website.

"Our business in Russia is small, consisting of one partner that issues cards and a handful that acquire merchants for payment transactions. Since the beginning of this crisis, we have been complying with U.S. and international sanctions, which has resulted in us halting relationships with impacted bank partners in Russia, and we will continue to comply with all relevant laws as the situation evolves," the statement said.

Mastercard CEO Michael Miebach said earlier that the US-based company had blocked access to its payment system to many financial institutions because of anti-Russia sanctions imposed in connection with the situation around Ukraine, while the US transnational company Visa said it was taking steps to ensure execution of restrictions related to the situation in Ukriane.