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Thursday, June 1, 2023

Western Union Suspends Operations in Russia Over Ukraine War

Western Union Suspends Operations in Russia Over Ukraine War – Western Union, the world’s largest remittance company, has joined other financial services firms in endorsing sanctions in reaction to Russia’s invasion of Ukraine. Customers in the Russian Federation, as well as those in Belarus, a Russian ally that supports Moscow’s military action, will be affected by the decision.

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Expert in money transfers Western Union has criticized Russia’s military assault on Ukraine’s, expressing “shock, bewilderment, and sadness” over the “tragic and humanitarian crisis.” The company has been assisting its Ukrainian consumers in a variety of ways, including donations, humanitarian aid activities, and fee waivers.

After consulting with numerous stakeholders, the cross-border payments service announced its decision to halt operations in the Russian Federation and Belarus. The corporation also stated that it has considered the implications for its partners and customers.

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It also noted in a statement made on Thursday:

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“We join the rest of the world in expressing our earnest wish for a diplomatic and peaceful resolution. Meanwhile, our top priority are the health and safety of our employees, as well as continuing to support the people of Ukraine, especially the growing number of refugees looking for a safe haven.”

Western Union, a global leader in cross-currency money transfer with operations in over 200 countries and territories, is the latest in a string of payment and remittance companies to halt operations in Russia as a result of sanctions related to the Ukraine conflict. Wise, Paypal, Remitly, Zepz, Transfergo, and Revolut are among them.

The world’s largest payment processors, Visa and Mastercard, have also embraced western sanctions against Moscow, suspending operations in the Russian Federation, while Russian citizens will be able to use their locally issued cards within the country. The same measures were implemented by American Express.

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Ukraine has advocated for and welcomed such actions. The Kyiv authorities have requested that cryptocurrency exchanges freeze Russian accounts, but major trading platforms such as Binance and Kraken have rejected the call to impose unilateral restrictions on all Russian customers.

At the same time, the Ukrainian government and volunteer organizations have become more reliant on cryptocurrency donations to fund defense and humanitarian missions. Representatives from the crypto business and community have expressed their strong support for Ukraine.

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