Western Union halts its Operations in Russia and Belarus

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Western Union halts its Operations in Russia and Belarus
12 Mar 2022
7 min read

News Synopsis

On Thursday, Money Transfer company, Western Union announced that it has suspended its services in Russia and Belarus amid the Russian-Ukraine Conflict. This decision by the Western Union was taken by evaluating several internal and external factors. With their decision to suspend their services in Russia, the Denver-based money-transfer and payments company has joined the list of several prominent business groups of the world who have halted their services in Russia in order to show solidarity with Ukraine and Protest against Russia. Western Union has also condemned Russia’s unjustified invasion of its neighbor. The company informed that it considered the effect of this decision on its employees, partners, and customers. The sanctions imposed on Russia by the governments were not mentioned in its statement on Thursday. However, in its 2021 annual report filed in February, the company said that economic sanctions imposed on Russia were proving to be a hindrance to providing their service in the region. The Western allies have imposed several severe sanctions on Russia recently. These sanctions include the blacklisting of a major Russian bank called Sberbank. Credit Card Networks Visa and Mastercard also suspended their services in Russia a few days ago.

TWN Special