Mar 10, 2022 - Economy & Business

Western Union suspends operations in Russia and Belarus

A Western Union advertisement in Berlin in January 2018.
A Western Union advertisement in Berlin in January 2018. Photo: Sean Gallup/Getty Images

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.

Go deeper: What a Russia bond default would mean for the markets

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