Russian American Express Bank became the first bank to decide to voluntarily surrender its license instead of selling its business.
Russian LLC American Express Bank, owned by an American company, filed for liquidation on July 4. The publication reports this Kommersant.
The head of the ruling regime of the Russian Federation, Vladimir Putin, in October 2022 approved a list of 45 banks with foreign participation, which are prohibited from conducting transactions with shares without special permission.
Russian American Express Bank became the first on this list to decide to voluntarily surrender its license instead of selling the business. In May 2024, Putin signed a decree allowing the bank’s voluntary liquidation.
American Express Bank, operator of the American Express payment system, has a primary license to conduct banking operations with funds in rubles and foreign currency.
The subsidiary bank American Express Company has been operating in Russia since 2005. The net loss of American Express Bank in 2023, according to Russian reporting standards, amounted to 87.4 million rubles after a profit of 428.5 million rubles a year earlier.
As you know, on June 12, the Moscow Exchange, the National Clearing Center and the National Settlement Depository were included in the US sanctions letter. Following the United States, Great Britain introduced sanctions against the Moscow Exchange.
Subsequently, on June 13, Moscow Exchange shares opened with a fall of up to 15% amid the imposition of US sanctions. The exchange announced the cessation of trading in dollars and euros.
Source: korrespondent
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