REUTERS
On May 5, Western Union international money transfer operator will suspend remittance of money from Russia to Ukraine without opening a bank account, according to the Russian newspaper Vedomosti.
The reason for the Western Union's adoption of this decision was a law on financial sanctions, approved by the government of the Russian Federation in response to Ukraine's sanctions imposed against Russian banks and payment systems, Vedomosti reported.
The law comes into force on May 5.
On March 29, the Russian State Duma passed a law restricting money transfers from Russia to foreign countries via foreign payment systems.
Read alsoRussia develops bills to turn occupied Crimea into offshore jurisdiction"This means that it will be more expensive for Ukrainians to transfer money within the CIS [Commonwealth of Independent States], where the positions of Russian payment systems with their cheap tariffs have been strong for many years," FinClub reports.
As UNIAN reported earlier, all Russia's payment systems that operated in Ukraine were included in the sanctions list. It was noted that they would be replaced by such international systems as Western Union and MoneyGram.