PayPal is leaving Russian market because of the war
PayPal Holdings Inc is suspending all services in Russia because of its war against Ukraine
This was reported by Reuters, citing a statement from the company.
It decided to join dozens of other brands that boycott the aggressor.
"Under the current circumstances, we are suspending PayPal services in Russia," said President and CEO Dan Shulman.
He stressed that the company "supports the international community in condemning Russia's military aggression against Ukraine."
A company spokesperson said PayPal would allow withdrawals "over a period of time, ensuring the distribution of account balances under applicable laws and regulations."
PayPal, which only allowed cross-border transactions to users in Russia, stopped accepting new users in the country on Wednesday.
PayPal said that "since the beginning of the invasion, PayPal has helped raise more than $ 50 million for charities that support Ukraine's response efforts."
The suspension of PayPal in Russia also applies to its Xoom money transfer tool. Earlier, competitors Wise and Remitly suspended some services in Russia.
