Russia’s central bank on Tuesday cancelled the banking licence of American Express Co’s (AXP.N), opens new tab Russian subsidiary after the U.S. lender’s unit filed a voluntary liquidation request.

Russian President Vladimir Putin decreed in May that American Express could liquidate its Russian business, a little over two years after the company had suspended all its operation in Russia in response to what the bank called Russia’s “unjustified attack on the people of Ukraine”.