Putin allows Softex to buy Western Union's Russian subsidiary
President Vladimir Putin signed an order on 28 September allowing Softex LLC to buy 100 % of the charter capital of Western Union DP Vostok, the non-bank credit institution that is the Russian subsidiary of the international payment system Western Union.
The decision was taken under a decree of August 2022 "On the application of special economic measures in the financial and fuel and energy sectors in connection with the unfriendly actions of certain foreign states and international organisations".
Western Union suspended operations in Russia and Belarus in March 2022 following the start of military conflict in Ukraine. Its Russian subsidiary was removed from the register of payment system operators on 24 March 2022. It continued to provide money transfer services for its partner banks and post offices in CIS countries other than Belarus until October 2022.
According to central bank data, however, the company still holds a licence for banking operations in Russia, which allows it to handle ruble and foreign currency funds as a non-bank credit institution providing settlement services.
Kommersant, citing a source in the payments market, reported that the payment system has no assets left in Russia and that the only reason for buying it is the cash balances in its accounts. According to the financial statements of Western Union DP Vostok for the first half of 2026, its assets exceeded 1.4 billion rubles ($16.4 million). Its equity stood at 1.3 billion rubles, of which 1.2 billion rubles was retained earnings.
Western Union said in a report that it decided in 2024 to liquidate or sell its Russian assets. That year it recognised an impairment of $13.4 million on its Russian operations. In 2025 it signed a definitive agreement to sell its assets in Russia.
Citing the unified state register of legal entities, RBC reported that several companies named Softex LLC are registered in Russia. The presidential order does not make clear which of them may become the buyer.
The largest was registered in Kaliningrad in 2018. It specialises in business process automation, the development of artificial intelligence solutions and the deployment of specialised IT systems for financial institutions, including automated banking systems. Its net profit in 2025 was 101.6 million rubles ($1.2 million) and its charter capital is 30 million rubles.
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14.10.26