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KIEV, Ukraine, Oct. 19, 2016 /PRNewswire/. MoneyGram International (NYSE: MGI) announced today it continues to provide money transfer services to customers in Ukraine, as recent Ukrainian government sanctions banning Russian companies from providing money transfer services in Ukraine do not affect MoneyGram services.
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According to the World Bank, in 2015 an estimated $5.9 billion in remittances flowed into Ukraine constituting 5.6% of country's GDP. The main send corridors to Ukraine are Russia ($3.1 billion), the United States ($469 million), Germany ($275 million) and Kazakhstan ($254 million).
"At MoneyGram we recognize the vital role that remittances play in the Ukrainian economy and the country's development, as well as individual lives of our customers sending and receiving money to support their families back home," said Yevgeny Butyugin, head of CIS at MoneyGram. "MoneyGram has operated in Ukraine for nearly 20 years now through a network of more than 9,000 agent locations and over 12,000 ATMs and self-service kiosks, enabling our customers to receive money from Russia, or any other country, anytime that is convenient for them," added Butyugin.
As a leader in the money transfer industry, MoneyGram also has an extensive agent network in Russia with more than 23,000 locations. Customers sending money from Russia can use any of the over 8,000 Sberbank locations to complete a transaction.
World Bank data shows that $15.4 billion in remittances were sent from Russia in 2015. The top receive countries from Russia are Ukraine ($3.1 billion), Uzbekistan ($3.1 billion) and Tajikistan ($1.9 billion).
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com
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