PayPal shuts down its services in Russia citing Ukraine aggression


(Reuters) – Payments firm PayPal Holdings Inc shut down its services early on Saturday in Russia, citing “the present circumstances,” becoming a member of many monetary and tech firms in suspending operations there after the invasion of Ukraine.

“Under the present circumstances, we’re suspending PayPal services in Russia,” President and Chief Executive Dan Schulman mentioned in an announcement. He added that the corporate “stands with the worldwide group in condemning Russia’s violent army aggression in Ukraine.”

An organization spokesperson mentioned PayPal will help withdrawals “for a time period, guaranteeing that account balances are dispersed in line with relevant legal guidelines and rules.”

PayPal, which had solely allowed cross-border transactions by customers in Russia, stopped accepting new customers in the nation on Wednesday.

Ukrainian authorities officers had been calling on PayPal to give up Russia and assist them with fundraising.

PayPal mentioned on Friday that “because the starting of the invasion, PayPal has helped elevate over $150 million for charities supporting response efforts in Ukraine, one of many largest efforts we have seen in such a brief time period.”

PayPal’s suspension in Russia additionally applies to its cash switch software Xoom. Rivals Wise and Remitly earlier suspended some services in Russia.

(Reporting by Paresh Dave; Editing by Christian Schmollinger)

Source link