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

As governments across the 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, the 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 their business ties with the 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 the moves they have adopted, either as a result of sanctions or by choice. Western Union pulls out of Russia amid Ukraine war Western Union, one of the 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 the conflict. In addition to major global corporations departing Russia, the country has surpassed Iran to become the most sanctioned country in the world. Moreover, sanctions have caused the ruble's value to drop, forcing the Russian central bank to hike interest rates, which are now poised to skyrocket. Sanctions on Russian Oil & Gas Notably, the United States and the United Kingdom have banned Russian oil, and the European Union has committed to reduce its reliance on Russian gas. The declarations signified a step up in the restrictions imposed by Western powers in the aftermath of President Putin's invasion of Ukraine. Russian oil imports will be phased out by the end of 2022 in the United Kingdom. Moreover, the EU presently imports a quarter of its oil and 40% of its gas from Russia, thus a complete ban has not been announced. The European Commission, on the other hand, said it will transition to other energy sources and expand renewable energy more swiftly, with the goal of making Europe energy independent from Russia "far before 2030." The opening of the Nord Stream 2 gas pipeline from Russia has already been put on hold by Germany. Image: Shutterstock

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

Western Union has announced that it will stop operating in Russia and Belarus after consulting with its stakeholders.

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