Western Union Suspends Operations in Russia and Belarus

Rhea-AI Summary

The Western Union Company (NYSE: WU) has condemned the invasion of Ukraine and expressed solidarity with its people. The company is actively supporting its Ukrainian customers, including those displaced by the conflict, through humanitarian donations and fee-free money transfer services. In response to the ongoing crisis, Western Union has decided to suspend operations in Russia and Belarus after careful consideration of the implications for its stakeholders. The organization emphasizes its commitment to the safety of its employees and ongoing support for Ukrainian refugees.

Positive

• Launch of fee-free money transfer services for Ukrainian customers.
• Active support for humanitarian relief efforts.
• Suspension of operations in Russia and Belarus demonstrates ethical stance.

Negative

• Suspension of operations in Russia and Belarus may reduce revenue from these markets.

DENVER--(BUSINESS WIRE)-- The Western Union Company (NYSE: WU) stands with the world in condemning the unprovoked and unjustified invasion of Ukraine. All of us share the shock, disbelief, and sadness around this tragedy and humanitarian disaster. Our hearts go out to the people of Ukraine and to our colleagues, customers, agents, and partners who have been impacted.

For the past weeks, our teams have been working to support our Ukrainian customers, including the millions who have been forcibly displaced, in the best ways we can. This includes donations to support humanitarian relief efforts and fee-free money transfer services.

We also have engaged in extensive dialogue with a wide variety of stakeholders in an earnest effort to arrive at the right decision regarding our services in Russia and Belarus. We have thoroughly evaluated internal and external considerations, including the consequences for our valued teammates, partners, and customers. Ultimately, in light of the ongoing tragic impact of Russia’s prolonged assault on Ukraine, we have arrived at the decision to suspend our operations in Russia and Belarus.

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.

WU-G

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220309006057/en/

Media Relations:

Erin Caffrey

Erin.Caffrey@wu.com

Claire Treacy

Claire.Treacy@westernunion.com

Investor Relations:

Tom Hadley

WesternUnion.IR@westernunion.com

Source: The Western Union Company

FAQ

What is the recent announcement by Western Union regarding Ukraine?

Western Union has condemned the invasion of Ukraine and is providing support through humanitarian donations and fee-free money transfer services.

When did Western Union suspend operations in Russia and Belarus?

Western Union announced the suspension of its operations in Russia and Belarus due to the ongoing conflict in Ukraine.

How is Western Union helping Ukrainian customers?

Western Union is helping Ukrainian customers by providing fee-free money transfers and supporting humanitarian relief efforts.

What is the stock symbol for Western Union?

The stock symbol for Western Union is WU.