Wednesday, August 10, 2022

PayPal halts services in Russia following Ukraine invasion

PayPal Holdings Inc has shut down its payment services in Russia citing aggression in Ukraine. They now join other tech companies in halting operations in Russia.

Confirming the news was PayPal President and CEO Dan Schulman who said the decision was due o the current situation. He continued by saying that the company joins the International Community in condemning the war in Ukraine.

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The company through a spokesperson confirmed that they will allow withdrawals for sometime in line with regulations and laws.

As at Wednesday, Paypal halted registration of new users in its platform in Russia as the Ukraine government called on the company raise funds to support the country.

“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.” Said PayPal

Other services that have also shut down operations in Russia include  Xoom. Rivals Wise and Remitly. Many others are expected to follow suit.

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