Western Union suspends operations in Russia and Belarus
Financial services company Western Union said Thursday it will cease its operations in Russia and Belarus starting over the unprovoked invasion of Ukraine.
Why it matters: The decision by Denver-based Western Union, one of the world's largest money transfer firms, adds to a growing number of financial, tech and retail companies leaving Russia in response to the war.
What they're saying: "We join the international community in expressing sincere hope for a diplomatic and peaceful resolution," the company said in a statement.
- "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," it added.
The big picture: On top of several global companies abandoning Russia, the country has surpassed Iran to become the world's most sanctioned country.
- Sanctions have sent the value of the ruble plummeting, forced the Russian central bank to raise interest rates and will likely send interest rates skyward.