The Russian central bank has officially revoked the banking license of American Express’s Russian subsidiary following a voluntary liquidation request by the US lender’s unit.
This decision comes after Russian President Vladimir Putin approved the liquidation of American Express Bank’s Russian operations in May 2023, over two years after the company suspended its operations in response to Russia’s invasion of Ukraine.
The Central Bank of Russia stated that the cancellation of the license was based on a petition from American Express Bank LLC, reflecting a decision by its sole shareholder to wind down the institution voluntarily.
Established in December 2005, American Express Bank was a small player in Russia, ranking 300th in the country’s banking system by assets.
Since mid-2022, foreign banks have needed Putin’s approval to exit the Russian market or divest their stakes. The Russian corporate registry, SPARK, revealed that American Express’s Russian unit filed for liquidation in early July 2024.
In March 2022, AmEx suspended all operations in Russia, shortly after the country’s invasion of Ukraine, which Moscow termed a “special military operation.”
At that time, the company had several dozen employees in Russia, although it is unclear how many remain as the liquidation process unfolds.
This exit underscores the broader trend of Western financial institutions withdrawing from Russia due to geopolitical tensions and economic sanctions.
The move is part of a wider retreat by international businesses from the Russian market as the conflict in Ukraine continues to escalate.
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