PayPal closes services in Russia due to Ukraine aggression By Reuters

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© Reuters. A smartphone with the PayPal logo is placed on top of a laptop in this illustration taken July 14, 2021. REUTERS/Dado Ruvic/Illustration

By Paresh Dave

(Reuters) – Payments Company PayPal Holdings Inc. (NASDAQ:) shut down services early Saturday in Russia, citing “current circumstances,” joining many financial and technology companies in suspending operations there following the invasion of Ukraine.

“Under the current circumstances, we are suspending PayPal services in Russia,” Chairman and CEO Dan Schulman said in a statement. He added that the society “stands with the international community in condemning Russia’s violent military aggression in Ukraine.”

A company spokesperson said PayPal would support withdrawals “for a period of time, ensuring account balances are distributed in accordance with applicable laws and regulations.”

PayPal, which only allowed cross-border transactions by users in Russia, on Wednesday stopped accepting new users in the country.

Ukrainian government officials had asked PayPal to leave Russia and help them raise funds.

PayPal said on Friday that “since the invasion began, PayPal has helped raise more than $150 million for charities supporting response efforts in Ukraine, one of the largest efforts we’ve seen in so little time”.

The suspension of PayPal in Russia also applies to its Xoom money transfer tool. Rivals Wise and Remitly have suspended some services in Russia.

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