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February 25, 2022updated 23 Mar 2022 9:48am

Russia-Ukraine crisis: Paysera and Wise to cease fund transfers to Russia

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict


Fintech firms Paysera and Wise are reportedly moving to restrict their payment services in Russia in response to the country’s ongoing military strike on Ukraine.

Paysera is set to halt all transfers to and from Russia and close down accounts of its Russian customers to show solidarity with Ukraine, Finextra reported.

The Lithuania-based fintech company said it will stop processing transactions in Russian roubles, shut accounts of Russian clients and limit money transfers to and from Russian banks.

Paysera CEO Gintautas Mežetis said: “While we understand that we are not a giant in the financial market, we do want to send the message that we can all have an impact through the choices we make. While we refuse to transfer money, someone else might refuse to insure, produce, advise, invest, or provide transport.”

Paysera also called upon other financial institutions and payment processors to take similar measures and stand in solidarity with Ukraine.

In a similar move, UK-based fintech Wise has limited money transfers to Russia, according to a report by UKTN.

The firm also restricted transfers to Ukraine in a bid to keep its services open in the country.

A spokesperson for Wise was quoted as saying by the publication: “As long as we are able to do so, we will continue providing our service to people needing to send money to Ukraine.

“Recent developments in the region mean it’s more difficult to operate our service.”

The person also added that Wise is ‘monitoring the situation closely’ to ‘comply with any sanctions’ and will lift its cap on transfers to Ukraine ‘as long as we are able to do so’.

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