NEW YORK, February 8. /TASS/. Revenues of the Western Union contracted by 2% in 2022 due to the exit from the market of Russia and Belarus, the payment system said in its financial report as of the end of the fourth quarter of 2022.

Corporate revenues tumbled 12% in 2022 in annual terms to $4.5 bln.

"The suspension of operations in Russia and Belarus negatively impacted revenue by approximately two percentage points, while Argentina inflation benefited revenue by approximately one percentage point," the company said.

Revenues of Western Union dropped by 15% year-on-year in the fourth quarter of 2022 and totaled $1.1 bln. "The suspension of operations in Russia and Belarus negatively impacted revenue by approximately three percentage points," Western Union said in the report.

On March 24, 2022, Western Union suspended money transfers in Russia and Belarus.