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PayPal shuts down its services in Russia
https://www.whatjobs.com/news/business-news/paypal-shuts-down-its-services-in-russia
By Nagasunder in Business News, posted March 7, 2022
PayPal has shut down its services in Russia, citing the "the current circumstances" following the attacks on Ukraine by Vladimir Putin's troops.
The move is the latest in a raft of other financial and technology firms in stopping operations in the aftermath of the invasion.
President and Chief Executive Dan Schulman said in a statement: "Under the current circumstances, we are suspending PayPal services in Russia,"
He added that the company: "Stands with the international community in condemning Russia's violent military aggression in Ukraine.
READ MORE: LAWSUIT LAUNCHED AGAINST PAYPAL OVER ALLEGED “PATTERN OF RACKETEERING ACTIVITY”
A company spokesperson said PayPal will not operate in Russia "for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations.”
PayPal, which had only allowed cross-border transactions by users in Russia, stopped accepting new users in the country on Wednesday, March 2.
Ukrainian officials had been pleading with PayPal to leave Russia and assist them with fundraising.
PayPal said on Friday, March 4: "Since the start of the invasion, PayPal has aided raise over $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 ban in Russia extends to its money transfer service, Xoom.
PayPal Holdings Inc. is an American multinational financial technology company with headquarters in San Jose, California.
Source: Reuters
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