According to Reuters, PayPal is stopping its operations in Russia in response to the country’s “violent maritime attack in Ukraine.” Mykhailo Fedorov, Ukraine’s vice prime minister, posted a letter from PayPal CEO Dan Schulman, confirming the company’s decision to shut down its operations in Russia.
We acquired a letter from @Dan_Schulman, CEO PayPal. So now it’s official: PayPal shuts down its companies in Russia citing Ukraine aggression. Thanks @PayPal in your supporting! Hope that quickly you’ll open it in for pic.twitter.com/RaJxEMSLQe
— Mykhailo Fedorov (@FedorovMykhailo) March 5, 2022
As mentioned in the tweet, it is stated that we received a letter from PayPal CEO @Dan Schulman. So it’s official: PayPal has shut off its operations in Russia, citing Ukrainian aggression as the reason.
What’s New?
“We’re suspending PayPal companies in Russia due to the current conditions,” Shulman writes in the letter. “We’re also doing everything we can to assist our colleagues in the area at this extremely trying period.”
According to Reuters, PayPal was only available in Russia for cross-border payments. It had ceased accepting new Russian customers earlier this week, but has now decided to shut down all of its operations – a move that also affects the PayPal-owned money transfer provider Xoom.
PayPal representative Aidan Kelly told The Verge that the company will “continue work to course of buyer withdraws for a period of time, ensuring that account balances are disbursed in accordance with relevant legal norms and rules.”
Digging In More Details
Because of the monetary restrictions imposed by the United States, the United Kingdom, the European Union, and a number of other countries, some Russian clients may not have been able to use their bank cards to make payments through PayPal.
As a result of the sanctions, certain users have been blocked from using Apple Pay and Google Pay, as they target Russia’s top financial institutions, preventing financial institution clients from making card payments to organizations and businesses registered in sanctioned countries.
References:
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- https://tmz.ng/paypal-pauses-service-in-russia-citing-violent-military-aggression/
- https://www.businesstoday.in/latest/world/story/paypal-shuts-down-services-in-russia-cites-ukraine-aggression-324848-2022-03-05
- https://magmint.com/paypal-pauses-service-in-russia-citing-violent-military-aggression-magmint/
- https://newsharemarket.com/paypal-pauses-service-in-russia-citing-violent-military-aggression/
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