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PayPal shuts down its services in Russia citing Ukraine aggression -Breaking

by Mike Robinson

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© Reuters. Illustration taken July 14, 2021. REUTERS/Dado Ruvic/Illustration

Paresh David

(Reuters). – Payments company PayPal Holdings Inc (NASDAQ:) Russia’s NASDAQ shut down services on Saturday morning citing the “current circumstances”, joining other tech and financial companies that have also suspended operations in Russia following the invasion of Ukraine.

In a statement, President and Chief Executive Dan Schulman stated that PayPal Services in Russia were being suspended due to the “current circumstances”. He stated that his company stands with the international community to condemn Russia’s aggression on Ukraine.

A company spokesperson said PayPal will support withdrawals “for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations.”

PayPal had previously allowed only cross-border payments by Russian users, and it stopped accepting new customers in Russia on Wednesday.

Officials from the Ukrainian government had called on PayPal to help with fundraising and quit Russia.

PayPal said on Friday that “since the beginning of the invasion, PayPal has helped raise over $150 million for charities supporting response efforts in Ukraine, one of the largest efforts we’ve seen in such a short period of time.”

PayPal also suspended its Russian money transfer service Xoom. Rivals Wise and Remitly had earlier suspended certain services in Russia.

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