Russia-Ukraine war: Western Union stops all finance-related operations in Russia, Belarus

As conflict between Russia and Ukraine intensifies with West imposing more and more sanctions on Moscow and world taking steps to isolate Russia from global financial network, Western Union has completely stopped money transfers in Russia and Belarus today, March 24, 2022. money exchange giant me an announcement on March 10 that it would seize all finance-related operations in Russia from March 24, 2022.

Western Union took this decision in light of "unproven and unjustified invasion of Ukraine" by Russian forces. With this, company has now joined international community in expressing sincere hope for a diplomatic and peaceful resolution.

Furrmore, Western Union has also started working to help its Ukrainian customers by making charitable donations and providing fee-free money transfer services. Ever since Russian President launched a "special military operation" against Kyiv, over a hundred corporations from various industries have cut or pulled back ir business ties with Moscow.

Notably, se companies have eir suspended ir activities in Russia or halted financial transactions due to economic sanctions imposed by West. 

Western Union finally stops all financial operations in Russia and Belarus

"Western Union has decided to stop making money transfers in Russia and Belarus," press service said. company has confirmed that from March 24, Russian clients will not be able to transfer or receive money from any foreign countries, and money transfers sent from Russia to or countries and not paid to recipients before March 24, 2022, will be available to recipients in or countries at any time. 

"Money transfers sent to Russia and not paid to recipient before March 24, 2022, will be returned to sender. We would like to emphasize that LLC NBFC Western Union DP Vostok operates in strict accordance with all requirements of Russian legislation, and all obligations to partners, contractors, and clients will be fully implemented," press service said, reported TASS  Russian News Agency.

Or banks that seized all activities in Russia

On Wednesday, French bank Crédit Agricole also announced that it is suspending all operations in Moscow. Earlier, Citigroup and Deutsche Bank h also announced withdrawal of all operations in Russia after country's invasion of Ukraine. US-based Citibank h largest presence in Russia, with an estimated asset value of $10 billion.

(Image: AP/ Representative)