PayPal shuts down its services in Russia, citing Ukraine aggression
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Payments company PayPal Holdings Inc. 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 Holdings Inc on Feb. 1, 2022, forecast first-quarter revenue and profit well below expectations. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)
PayPal, which had only allowed cross-border transactions by users in Russia, stopped accepting new users in the country on Wednesday.
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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."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC. | 87.31 | +0.91 | +1.05% |
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PayPal's suspension in Russia also applies to its money transfer tool Xoom. Rivals Wise and Remitly earlier suspended some services in Russia.