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MoneyGram International has become the latest payment firm to shutter its services in Russia amid escalating military tensions in Ukraine and sweeping sanctions by the west.
The firm said it has decided to suspend services in Russia as the humanitarian crisis in Ukraine continues to worsen.
It has been closely keeping a watch on the conflict and said it will continue to evaluate the situation.
The remittance firm said in a statement: “Our top priority remains the safety of our employees, agents, partners, and their families. We have been in close contact with our impacted colleagues to provide support during this difficult time.
“We have also increased our support for our partnership with Save the Children, which is actively engaged in relief efforts in the region. Last week, the MoneyGram Foundation approved an emergency grant directed towards the Ukrainian Relief Fund.”
MoneyGram will continue to offer its services in Ukraine. Individuals in the country will be able to receive money both in-person as well as digitally.
The company noted that transactions to Ukraine and neighbouring countries including Poland have spiked in the wake of the crisis as customers send money to their affected families.
Last week, Western Union paused its operations in Russia and Belarus in response to the Ukraine conflict.
JCB, Discover, Mastercard, Visa, and American Express too ceased their payment operations in Russia. Fintech firms such as Wise, Paysera, Remitly, TransferGo, and Zepz also suspended money transfers to Russia.