PayPal Suspends Services in Russia

Several financial companies have closed their operations in the country.

PayPal mentioned that it is providing support to its employees in Russia.

Financial services provider, PayPal today confirmed that it has suspended its services in Russia amid the invasion of Ukraine. Dan Schulman, President and Chief Executive Officer of PayPal, said that the tragedy in Ukraine has been devastating for all.

“PayPal supports the Ukrainian people and stands with the international community in condemning Russias violent military aggression in Ukraine. The tragedy taking place in Ukraine is devastating for all of us, wherever we are in the world. I want to share with you that we have suspended PayPal services in Russia. We have worked closely with governments and partners to actively comply with all applicable laws and sanctions and to fulfill our responsibilities to our global customers,” Schulman said.

Earlier this month, the EU banned 7 Russian banks from accessing SWIFT. Several countries around the world, including the US and the UK, also announced economic sanctions on the country in the past few days.

Humanitarian Aid

Some of the worlds leading organizations came forward to support Ukraine during the recent week. On 27 February 2022, digital exchange Binance announced a $10 million donation to resolve the humanitarian crisis in Ukraine.

Commenting on PayPal‘s recent efforts to provide humanitarian aid, Schulman said: “In the days since we launched our consumer-focused giving campaigns, our customers have donated over three million dollars to international relief charities providing humanitarian aid within Ukraine and refugee support. These relief organizations include the International Rescue Committee (IRC), UN High Commissioner for Refugees (UNHCR), Direct Relief, Save the Children, and many others working on the ground in Ukraine and with refugees in surrounding nations,” PayPal’s CEO added.