PayPal suspends its services in Russia citing Ukraine’s aggression

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

March 5, 2022

By Paresh Dave

(Reuters) – Payments company PayPal Holdings Inc suspended its services in Russia early on Saturday, citing “the current circumstances”, joining many financial and technology companies that have suspended operations there following the invasion of Ukraine.

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

A company spokesman said PayPal will support withdrawals “for a period of time to ensure account funds are distributed in accordance with applicable laws and regulations.”

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

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

PayPal said Friday that “Since the invasion began, PayPal has helped raise over $150 million for charities supporting the relief efforts in Ukraine, one of the largest efforts we’ve seen in such a short period of time.”

PayPal’s suspension in Russia also applies to its money transfer tool, Xoom. Rivals Wise and Remitly previously suspended some services in Russia.

(Reporting by Paresh Dave; Editing by Christian Schmollinger) PayPal suspends its services in Russia citing Ukraine’s aggression

Caroline Bleakley

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