WASHINGTON : Cross-border payments company Wise has suspended its money transfer service in Russia, following new sanctions over the weekend against the country in response to its invasion of Ukraine.
Wise, a financial technology company previously known as TransferWise, holds balances in countries on popular currency routes to sidestep high fees traditionally associated with international money transfers. On Saturday, the United States and its allies announced they would take action against Russia's central bank and bar some of the country's banks from the SWIFT international payments system, in a move that experts saw as a significant escalation of the West's sanctions against Moscow.
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