Western Union international money transfer system is prohibited in Armenia

Western Union LogoAugust 25 decision of the Armenian Central Bank the Western Union international money transfer system is prohibited in Armenia. The CB Council decided to prohibit participation of the Armenian banks in the mentioned system and annul the contracts with it. The decision is motivated by the Armenian banks’ risk management.

In reality, it all started after Azerbaijan protested the fact, that Western Union, Money Gram and other money transfer systems are operating in the territory of Nagorno-Karabakh. In response to Azerbaijan’s demands, the Western Union and Money Gram stopped their operation in Stepanakert branches of “Artsakhbank”, “Unibank” and “Armeconombank”. Earlier Azerbaijan had also demanded the closure of the Stepanakert branch of VTB bank. It seems, that Azerbaijan is adopting a more comprehensive strategy of isolating Nagorno-Karabakh. I wonder what will be the next step? Demanding the Russia-controlled electiricy network in Armenia to stop providing electricity to Karabakh? Stopping the sun from shining on that territory? What?

Advertisements

13 thoughts on “Western Union international money transfer system is prohibited in Armenia

  1. I support 1000000% the action of the Goverment of Armenia in this issue . Armenia should get tuffer whit anti armenian racist companys that are anti armenian but want to profit and make bussnies in Armenian !!

  2. I really don’t know who is going to replace the services of Western Union. I’m curious which company is though: which company do you think is going to replace Western Union?

  3. Hi Artur, I contacted the headquarters of Western Union (which is in my hometown) the first day I heard about the ban. I was able to find the personal cell phone for their media relations director.

    This was the last week in August. The media guy said that, to the best of his knowledge, the ban wouldn’t be effective for another 90 days. A few days ago I was able to wire money to my sister through Western Union.

    So either the 90 days-deal works or the problem has been solved. In any case, I don’t predict that Western Union will actually be banned in Armenia. It makes too much through Armenian transactions, and Armenia gets too much money through their services.

    Thanks for the interview, by the way. My usage of informal Armenian in the interview is quite embarassing. Next time give me some heads up so that I can psychologically prepare myself for the interview. :D

  4. Nothing can replace Western Union, our illegal government didn’t banned WU, but it banned our businesses. Now our Coders can’t be paid for outsourcing projects because WU was only payment method in outsourcing agencies which worked for Armenia.

  5. I went to send something via Western Union today and you can’t anymore. Like Robert mentioned above, this is the only legit way that I can pay someone for services from the U.S.

    I have NO idea how I am going to pay my translator now.

  6. I think that MoneyGram may replace all the needs, it has the same worldwide network like WU, and much more cheap!

Comments are closed.