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

As the conflict between Russia and Ukraine intensifies with the West imposing more and more sanctions on Moscow and the world taking steps to isolate Russia from the global financial network, Western Union has completely stopped money transfers in Russia and Belarus today, March 24, 2022. The money exchange giant made 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 the light of the "unproven and unjustified invasion of Ukraine" by Russian forces. With this, the company has now joined the international community in expressing sincere hope for a diplomatic and peaceful resolution.

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

Notably, these companies have either suspended their activities in Russia or halted financial transactions due to economic sanctions imposed by the 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," the press service said. The 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 other countries and not paid to recipients before March 24, 2022, will be available to recipients in other countries at any time. 

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

Other 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 had also announced the withdrawal of all operations in Russia after the country's invasion of Ukraine. The US-based Citibank had the largest presence in Russia, with an estimated asset value of $10 billion.

(Image: AP/ Representative)