Paypal Joins Other Payment and Remittance Providers Suspending Services in Russia – Bitcoin News - BitcoinEthereumNews.com
A number of payment and remittance platforms, now including Paypal, have restricted access to their services in Russia as western sanctions over Moscow‘s invasion of Ukraine continue to expand. Fintech companies have been limiting operations in the Russian Federation also in response to Kyiv’s call for help. Payments Giant Paypal Halts Services in Russia, Maintains Withdrawals for Now Paypal, the global online payments provider, has joint a growing list of fintechs supporting western sanctions against Russia over its decision to invade neighboring Ukraine. The company, which had been offering Russians only cross-border transactions, terminated its services in the Russian Federation on Saturday. Quoted by Reuters, President and Chief Executive Dan Schulman explained the move with “the current circumstances,” noting that Paypal stands with the international community and condemns Russias military aggression against Ukraine. The platform stopped accepting new Russian-based users earlier this week. Through a spokesperson, Paypal added, however, that withdrawals will be supported for an unspecified period of time. The payments giant intends to “ensure that account balances are dispersed in line with applicable laws and regulations.” The anouncement comes after calls from officials in Kyiv to suspend services in Russia and support Ukraines fundraising efforts. The U.S., California-headquartered company revealed before the