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PayPal Suspends Services in Russia

PayPal Holdings, Inc. closed down its services in Russia on Saturday in support of many technology and financial companies which have stopped operations in the country in the wake of Ukraine attack.  

In his statement, CEO of PayPal Dan Schulman said suspension in Russia takes place following “the current circumstances”. PayPal will join suspension measure for a while to make sure that dispersion of the account balances goes according to applicable legislation.  

Only transborder businesses are allowed by PayPal users in Russia; the financial technology company refused new users in the country to join on Wednesday. 

This comes after the Ukrainian government authorities requested fundraising and a cease in services to Russia.

PayPal has raised over $150 million through the charities which have supported Ukraine since Russia invaded Ukraine.  

Xoom, which is a cheaper option for transferring money, has also been suspended in the invading country.

Remitly, dedicated for personal transfers, and Wise, for small and medium business transfers, have already ceased some of their services in Russia.

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By Saha on March 5, 2022

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