Russia-Ukraine War: Western Union announces suspension of operations in Russia & Belarus

As governments across world attempt to isolate Russia from global financial networks, a well-known money transfer company has announced that it will cease operations in Russia and Belarus. Western Union has announced that it will stop operating in Russia and Belarus after consulting with its stakeholders. Meanwhile, company stated that it is working to help its Ukrainian customers by making charitable donations and providing fee-free money transfer services.

Ever since Russia's invasion of Ukraine two weeks ago, more than a hundred corporations from various industries have cut or pulled back ir business ties with country. Suspending activities in Russia, breaking ties with Russian clients, closing down online and in-person sales to Russian consumers, and halting financial transactions are moves y have opted, eir as a result of sanctions or by choice.

Western Union pulls out of Russia amid Ukraine war

Western Union, one of world's largest money transfer companies, has joined a growing list of financial, tech, and retail corporations that have left Russia as a result of conflict. In dition to major global corporations departing Russia, country has surpassed Iran to become most sanctioned country in world.  Moreover, sanctions have caused ruble's value to drop, forcing Russian central bank to hike interest rates, which are now poised to skyrocket.

Sanctions on Russian Oil & Gas

Notably, United States and United Kingdom have banned Russian oil, and European Union has committed to reduce its reliance on Russian gas. declarations signified a step up in restrictions imposed by Western powers in aftermath of President Putin's invasion of Ukraine. Russian oil imports will be phased out by end of 2022 in United Kingdom.

Moreover, EU presently imports a quarter of its oil and 40% of its gas from Russia, thus a complete ban has not been announced. European Commission, on or hand, said it will transition to or energy sources and expand renewable energy more swiftly, with goal of making Europe energy independent from Russia "far before 2030." opening of Nord Stream 2 gas pipeline from Russia has alrey been put on hold by Germany.

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