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PayPal stops accepting new users in Russia -Breaking

by Mike Robinson

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© Reuters. This illustration, taken on September 8, 2021, shows the PayPal logo in action on a smartphone. REUTERS/Dado Ruvic/Illustration

Paresh, Elizabeth Culliford, Sheila Dang

(Reuters). – Company that offers online payments PayPal Holdings Inc According to Reuters, a spokesperson from the company said that they had stopped accepting new Russian customers on Wednesday because of current circumstances.

PayPal allows only cross-border transactions for Russian users. This was after sanctions were imposed on the United States by other countries and in response to Russia’s invasion of Ukraine. Russia called this a “special operations.”

Interview with Reuters: Ukraine’s deputy minister of digital transformation Alexander Bornyakov on Wednesday called for PayPal to step up its efforts and stop all Russian operations.

He stated that PayPal should be expelled from Russia if it supports democratic values.

A spokesperson for PayPal stated that the company is, along with many others, still actively dealing with the consequences of sanctions.

U.S.-based credit card companies Visa Inc Mastercard Inc. (NYSE) American Express Due to sanctions imposed by the government, Co (NYSE:), along with mobile payment providers Apple (NASDAQ) Pay and Google(NASDAQ: Pay), have blocked numerous Russian financial institutions. We are unable to immediately determine whether new Russian accounts have been blocked.

Moscow has answered to international investors by stopping them from exiting Russian securities and bonds worth tens billions of dollar.

Bornyakov, Ukraine, and his co-workers have requested PayPal’s support in soliciting donations.

Reuters saw the e-mail request from Ukraine to PayPal in which it requested funds for the Armed Forces of Ukraine. You cannot use PayPal to purchase ammunition or firearms.

The spokesperson stated that PayPal supports users in Ukraine with cross-border transactions as well as its Xoom service, which allows for international money transfers.

PayPal stated in a statement that it has been actively working to allow donations for non-profit fundraising efforts to support Ukrainian humanitarian relief efforts since the crisis started.

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