JP Morgan Chase, Western Union to stop activities in Russia

MOSCOW/WASHINGTON, Mar 11 (PRIME) -- Investment bank JP Morgan Chase will discontinue its activities in Russia, and payment system Western Union will suspend remittances in Russia and Belarus from March 24, the organizations said in their statements late Thursday.

According to an earlier report by Bloomberg, Goldman Sachs Group Inc. will also stop all operations in Russia and become the first large Wall Street bank to leave the country.

Car producer Stellantis has suspended exports of light commercial vehicles (LCVs) produced at its Russian facility in Kaluga and imports of LCVs to the country due to logistics issues.

Fast food chain Burger King will suspend corporate support on the Russian market, including in issues of marketing and supply chains. The company does not have corporate outlets in the country, all the restaurants are franchisees. The company has no plans to support request on investments and extension of the restaurant chain in Russia.

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