PayPal shuts down its services in Russia citing Ukraine aggression

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

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March 5 (Reuters) - Payments company PayPal Holdings Inc (PYPL.O) shut down its services early on Saturday in Russia, citing "the current circumstances," joining many financial and tech companies in suspending operations there after 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 spokesperson said PayPal will support withdrawals "for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations.”

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

Ukrainian government officials had been calling on PayPal to quit Russia and help 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 suspension in Russia also applies to its money transfer tool Xoom. Rivals Wise and Remitly earlier suspended some services in Russia. read more

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Reporting by Paresh Dave; Editing by Christian Schmollinger

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Thomson Reuters

San Francisco Bay Area-based tech reporter covering Google and the rest of Alphabet Inc. Joined Reuters in 2017 after four years at the Los Angeles Times focused on the local tech industry.