PayPal halts its services in Russia over Ukraine conflict

Another company suspends its services in Russia, PayPal: 

PayPal stated Saturday it was stopping its services in Russia, adding to the number of companies withdrawing from the nation in reply to its attack on Ukraine.

“Under the present circumstances, we are discontinuing PayPal services in Russia,” Dan Schulman, PayPal’s CEO, stated in a letter addressed to the Ukrainian government.

The letter was publicized on Twitter by Ukraine’s minister of digital transformation, Mykhailo Fedorov, who has pressured companies including Apple to Microsoft to cut relations with Russia.

“So now it’s official: PayPal closes down its services in Russia, citing Ukraine attack,” Fedorov tweeted Saturday.

“Thank you, @PayPal, for your supporting!”

A PayPal representative confirmed the firm was closing down in Russia. The business will “persist work to process client withdraws for some time, assuring that account balances are distributed in line with relevant laws and rules,” the representative told CNBC.

The payment processor had already suspended domestic services in Russia in 2020. This latest action links to its remaining business in the nation, including send and receive functions and the power to make global transfers via PayPal’s Xoom remittances platform.

The firm said that Russians stopped opening new PayPal accounts before this week.

PayPal is the latest payment organization to sever relations with Russia, which now meets a storm of boycotts from the West over President Vladimir Putin’s determination to raid Ukraine.

Embargoes saw SWIFT, the international interbank messaging network, bar several Russian banks, while Visa and Mastercard said they would also stop Russian financial institutions from their webs this week.