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March 21, 2022updated 02 May 2022 1:06pm

Worldline announces compliance with sanctions on Russia

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Worldline has announced compliance with international sanctions announced on Russia by the US and its allies in the wake of Moscow’s military invasion in Ukraine.

The France-based payment firm said that it ‘will pursue doing so as long as necessary’.

The firm, which has no business exposure to Ukraine, disclosed that its exposure to Russia makes up approximately 1.5% of its 2021 estimated proforma annual revenue on continued operations.

Worldline said in a statement: “In line with the recommendations of the European Securities and Market Authority (ESMA) relayed by the French regulator Autorité des Marchés Financiers (AMF), the Group confirms that its business related to Russia is limited, representing only c. 1.5% of its 2021 estimated proforma annual Worldline Group’s revenue on continued operations, mainly from its online acceptance business, operated from outside Russia and allowing domestic consumers to transact online with non-Russian international Merchants.”

Eastern European neighbouring countries to Russia and Ukraine account for only 1.5% of Worldline’s estimated proforma annual revenue, it said.

Nearly half of this exposure is said to be linked to the firm’s transaction processing activities in the Baltics. These activities are not impacted by the Ukraine crisis.

Worldline also said that it has no significant exposure to Russian software solutions or subcontractors impacted by the ongoing sanctions.

Earlier this month, US payment giants Mastercard and Visa announced their compliance with sanction orders on Russia.

The firms later suspended their network services in the country.

A host of other payment firms, including American Express, JCB, Discover and Western Union, also suspended their Russia operations following sanctions.

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