PayPal Holdings Inc, a payments provider, shut down its operations in Russia on Saturday, citing “the current circumstances,” joining a slew of other financial and technology firms that have suspended operations there following Ukraine’s invasion.
“Under the current circumstances, we are suspending PayPal services in Russia,” stated President and CEO Dan Schulman in a statement. He went on to say that the corporation “stands with the international community in condemning Russia’s violent military aggression in Ukraine.”
PayPal will enable withdrawals “for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations,” according to a company representative.
PayPal, which previously exclusively authorized cross-border transactions by Russian customers, ceased admitting new members in the nation on Wednesday. Ukrainian officials have been pleading with PayPal to exit Russia and assist them with fundraising.
PayPal said on Friday that “since the beginning of the invasion, PayPal has helped 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 as well. Wise and Remitly, two competitors, had already discontinued some services in Russia.
