Western Union suspends all services in Belarus and Russia because of Ukraine conflict (March 12, 2022)

The money transfer giant Western Union has said it will suspend all services in Belarus and Russia.

Operating in Moscow has been increasingly difficult for Western financial institutions and other firms amid international sanctions against Russia. More than 330 firms have withdrawn or significantly curtailed operations in the country in recent days, according to Yale researchers, who have been tracking the corporate response.

The payments provider announced its decision to suspend operations in the Russian Federation and Belarus, taken after discussing the matter with various stakeholders. Western Union added it had also evaluated the consequences for its partners, and customers. The government of Ukraine has been calling for and welcoming such moves. The authorities in Kyiv also urged cryptocurrency exchanges to freeze Russian accounts but major trading platforms like Binance and Kraken have denied the request to unilaterally impose restrictions on all Russian users.

At the same time, the Ukrainian government and volunteer organizations have been increasingly relying on donated cryptocurrency to fund defense efforts and solve humanitarian problems.

Statement by Western Union: "We join the international community in expressing sincere hope for a diplomatic and peaceful resolution. Meanwhile, our priorities remain the well-being and safety of our employees as well as continuing to support the people of Ukraine, including the growing number of refugees seeking safety."

Source: https://news.bitcoin.com/western-union-suspends-operations-in-russia-belarus-over-ukraine-war/ https://www.axios.com/western-union-russia-belarus-ukraine-d3f7f75d-3c8f-4a5a-9fd8-21947f635ded.html https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/western-union-suspends-operations-in-russia-and-belarus