American financial company American Express suspends cooperation with partners in Russia, TASS reported referring to a statement by the company's chairman and chief executive officer Stephen Squeri.

"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," said American Express Chairman and CEO Stephen Squeri in a memo to employees obtained by Yahoo Finance.

He clarified that the company has few partners in Russia - one that issues cards, and several more that use merchant acquiring to make payments.

American Express will provide one million US dollars to organizations that provide assistance to the affected population of Ukraine, he added.