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March 2, 2022updated 23 Mar 2022 9:53am

TransferGo, Remitly, Zepz halt remittances to Russia

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

Remitly, TransferGo and Zepz are the recent to join the list of fintech firms suspending their payment services to Russia in response to the country’s invasion of Ukraine.

The news comes shortly after UK fintech firm Wise and Lithuania-based fintech Paysera moved to restrict their payment services in Russia.

TransferGo, which took to LinkedIn to announce its solidarity with Ukraine, said that it is switching off payments to Russia, with immediate effect.

The company will currently focus on supporting Ukrainian customers and employees affected by the crisis.

The British remittance firm also said that it will set up relocation packages for its staff and their families in Ukraine seeking to relocate.

Digital cross-border payments platform Zepz, formerly known as WorldRemit, also announced that it will no longer support money transfers to Russia and Belarus. It is not known whether the blockage is connection with sanction on Russia.

Besides, US-based remittance firm Remitly stopped processing money transfers to Russia in light of sanctions imposed on Russia by the US and European countries, a Reuters report stated citing a Remitly spokesperson.

This week, payment giants Mastercard and Visa announced their compliance with sanction orders on Russia.

Meanwhile, last week, the Russian central bank said that Google Pay and Apple Pay services are barred for cards issued by Russian banks, which have been sanctioned.

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