Putin approves closure of American Express Russian business

Russian President Vladimir Putin has granted American Express Co the right to “voluntary liquidate” its Russian business, according to a decree published on the official website.

It is not specified in the decree how and when exactly the “liquidation” process will take place.

The future of American Express in Russia has been uncertain since March 2022, when the company suspended all operations in the country following other Western corporations in response to Moscow’s invasion of Ukraine.

Moscow has steadily tightened restrictions on foreign assets, with banks requiring Putin’s approval for any deal.