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On Sunday, the company said in a statement that globally issued American Express cards will no longer work in Russia, and cards issued in Russia won't work outside the country.
American Express also said it is ending its business operations in Belarus.
"This is in addition to the previous steps we have taken, which include halting our relationships with banks in Russia impacted by the US and international government sanctions," American Express said in a statement Sunday.
In a memo from chairman and CEO Stephen Squeri, American Express said it does not employ anyone directly in Ukraine but it does have "dozens of colleagues" in Russia.
Other credit card companies have taken similar steps this weekend.
"Our colleagues, our customers and our partners have been affected in ways that most of us could not imagine," Mastercard said in a statement Saturday. "This decision flows from our recent action to block multiple financial institutions from the Mastercard payment network, as required by regulators globally."
The company, which has operated in Russia for more than 25 years, had previously announced that it had "blocked multiple financial institutions" from its network as a result of sanctions on Russia and would "continue to work with regulators in the days ahead."
"We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia," Visa Chairman and CEO Al Kelly said in a statement Saturday.