Bloomberg Announces Suspension of Operations in Russia and Belarus

Bloomberg LP, a privately help software, data, and media company, has recently announced the suspension of the company’s operations in Russia and Belarus over the Ukraine war. According to the details shared by the company, trading functions for a broad range of Russian securities have been disabled.

Customers in Russia and Belarus will be unable to access any of the financial products of Bloomberg. The suspension applies to a wide list of Bloomberg’s financial products, including its terminal, data license, data feed and electronic trading platforms.

“Russian stocks were removed from Bloomberg’s global equity indexes on March 9, while its bonds are being removed from fixed-income indexes at the month-end rebalancing. Bloomberg.com won’t be affected by the suspension. Putin’s invasion of Ukraine has sparked international condemnation and triggered unprecedented international sanctions, prompting companies from McDonald’s Corp. to Paypal Holdings Inc. to halt operations in the country,” Bloomberg mentioned in a recent article.

Earlier this month, Bloomberg announced that the company will suspend the work of its journalists in Russia.

Refugee Crisis

In addition to the latest suspension, Bloomberg LP noted that the company is using its resources and supply chain to minimize the impact of the refugee crisis in Ukraine. To provide assistance and meals to the Ukrainian refugees, Bloomberg Philanthropies has also pledged approximately $40 million. During the first week of March 2022, PayPal announced the suspension of its operations in Russia. Prominent financial institutions have also ceased their operations in the region after rising geopolitical tensions. Last week, Dukascopy Bank took a decision to stop the account opening for the residents of Russia and Belarus.

“Bloomberg Philanthropies has pledged $40 million to the International Rescue Committee and the World Central Kitchen to provide support, supplies and meals to Ukrainians and refugees in the region and elsewhere,” Bloomberg added.