The Russian invasion of Ukraine started a constant wave of Ukrainian residents fleeing for neighboring countries. To date, more than four million Ukrainians have fled and are now refugees.

At least 500.000 refugees crossed the border into Romania, but more than 90% of them have already left, heading further west into other European countries. Roughly 35.000 refugees decided to stay in Romania for now, most of whom have relatives there.

Credit unions affiliated with the Federation of Romanian Credit Unions (FEDCAR), World Council’s member credit union association in Romania, are working with the local authorities to try to resolve any local issues related to the Ukrainian refugees. There is no common action under the FEDCAR umbrella at this time.

“We think each credit union knows best what the local needs are, both for the refugees that are moving through Romania for other countries and for those who are staying and looking for support,” said Florin Simion, FEDCAR CEO. “There are also NGOs that are working alongside credit unions or directly with credit union members to give a helping hand.”

World Council continues communicate with FEDCAR as it looks at recovery plans for credit unions that will be assisting refugees long-term.