Remittance giant Western Union has joined other financial services companies supporting sanctions in response to Russia’s invasion of Ukraine. This decision will impact customers both in Russia Federation, as well as Belarus (an ally of Moscow), which supports the military operation.
Western Union condemns Ukraine’s Invasion and halts services in Russia or Belarus
Money transfer specialist Western Union has condemned Russia’s military assault on neighboring Ukraine, expressing “shock, disbelief, and sadness around this tragedy and humanitarian disaster.” The company has been working to support its Ukrainian clients, including through donations, humanitarian relief efforts, and by waiving fees.
Cross-border payments company announced that it had decided to cease operations in Belarus and Russia after consulting various parties. According to the company, it also said that it had weighed all possible consequences for partners and customers. It also stressed:
Joining the international community we hope that there will be a diplomatic and peaceful solution. Until then, we will continue to prioritize the safety and well being of our workers as well supporting people in Ukraine including those fleeing persecution.
Western Union is a leader in cross-currency currency money movement and has a presence across over 200 countries. It’s the latest of a number of payment and transfer providers to suspend services in Russia due to sanctions on the conflict in Ukraine. Revolut, Wise and Remitly are some of these providers.
Visa and Mastercard, the world’s leading payment processors, also backed western sanctions against Moscow, suspending operations in the Russian Federation, although Russian residents will be able to use their locally issued cards inside the country. American Express also introduced similar measures.
Ukraine welcomes and calls for such actions. Kyiv authorities also requested that cryptocurrency exchanges freeze Russian accounts, however major trading platforms such as Binance or Kraken denied this request to unilaterally impose restrictions to all Russian users.
The Ukrainian government as well as volunteer organisations have also been increasing their reliance on donations of cryptocurrency in order to finance defense and humanitarian efforts. Representatives of the cryptocurrency industry and community have given significant support to Ukraine.
You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.
Are you expecting other financial service companies to sign the sanctions against Russia. Please leave your comments below.
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