PayPal suspends services in Russia

PayPal has become the latest company to suspend its services in Russia following Putin’s invasion of Ukraine.

PayPal said that the cancellation of its services was due to “the current circumstances” as it became the latest addition to the list of companies that have hurriedly left Russia.

“Under the current circumstances, we are suspending PayPal services in Russia,” said Dan Schulman, PayPal’s president and chief executive, in a statement.

He went on to say that PayPal “stands with the international community in condemning Russia’s violent military aggression in Ukraine.”

Russia is becoming increasingly isolated from the rest of the world, as more than £100 billion of trade ties have been broken so far.

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

Officials from the government of Ukraine had been calling on PayPal to suspend its services in Russia and commit to fundraising for the victims.

On March 4, PayPal said that “since the beginning of the invasion, PayPal has helped raise over £113million ($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’s withdrawal from Russia also applies to Xoom, its money transfer tool, and fellow money transfer companies Wise and Remitly have also earlier suspended certain services in Russia.

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