Some subjects of the WebMoney Transfer settlement system are amongst those listed for sanction by the National Security and Defence Council of Ukraine. Pursuant to the Presidential Decree 126/2018 (Annex 2, para. 428, 1-12) the operation of the system and its services will be temporarily suspended (for the duration of three years) within the territory of the country.
WebMoney.UA has operated in Ukraine for 15 years, in full compliance with the legislation that was current during the whole time frame. During this period, the system became a leader within the Ukrainian market of non-banking payments and has been frequently top-rated in ratings of consumer preferences.
In 2014, WebMoney was officially registered by the National Bank of Ukraine as an intra-state settlement system and we believe that the sanctions imposed against WebMoney are based on an unjustified and groundless decision as the system is a pioneer in financial communications and strictly adheres to the protection of security and data at the highest global standards in compliance with KYC and AML requirements.
The consequences of these sanctions will predominantly affect the four million Ukrainian residents using the system together with many businesses, thousands of online shops and entrepreneurs accepting payments with WebMoney. In the consequent absence of competition, other market players will be able to set less favourable terms for users. The truth is that for the country as a whole, this is a huge step back in time and a return from modern electronic technologies to cash payments.
We treasure our Ukrainian users and we will take every effort to restore normal operation. All funds on user wallets are secured and will be safely stored up until the date the sanctions will be abolished and the WMU flow will be resumed. The service for Ukrainian residents will be provided as normal on wallets of all types except for Hryvnia.
We will continue to keep you up to date with any developments of the situation. We would like to say a big thank you to all system users and our partners for your support and understanding.