PayPalAccording to Russian media, it announced that Saturday its service in Russia was being suspended. This is in addition to other firms withdrawing from Russia as a result of the invasion of Ukraine.

In a letter to Ukraine’s government, Dan Schulman, PayPal CEO said that “Under current circumstances we are suspending PayPal Services in Russia”.

Mykhailo Federorov, Ukraine’s minister of Digital Transformation, posted the letter on Twitter. Fedorov has previously pressed businesses to include AppleTo MicrosoftWe will cut all ties with Russia.

Fedorov posted Saturday that PayPal had shut down services in Russia because of Ukraine aggression. Thanks @PayPal, for all your support!

PayPal spokeswoman confirmed that the Russian company would be closing down. CNBC reported that PayPal will continue to “process customer withdrawals for some time” and make sure account balances are distributed in accordance with laws and regulations.

Already in 2020, Russian domestic services were being discontinued by the payment processor. Its last business operations in Russia are affected by this latest decision. Send and Receive functions, as well international transfer capabilities via PayPal’s Xoom remittances platforms.

The company stated that Russians weren’t allowed to open new PayPal accounts this week.

PayPal, the most recent payment company to cut ties to Russia over the decision of President Vladimir Putin to invade Ukraine, is now facing a series of West-imposed sanctions.

SWIFT, the international interbank messaging network was subject to sanctions. Visa MastercardThey also said this week that they would block Russian financial institutions and networks.

Charles Delingpole is the CEO of ComplyAdvantage, which helps companies comply with regulations.