PayPal Suspends Services in Russia

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

PayPal joins a list of other leading financial firms in seizing operations in Russia. According to Schulman, PayPal stands with the people of Ukraine. For its employees in Russia, the company is providing all possible support.

“PayPal supports the Ukrainian people and stands with the international community in condemning Russia’s 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. Additionally, several countries around the world, including the US and the UK, announced economic sanctions on the country in the past few days.

Humanitarian Aid

Some of the world’s leading organizations came forward to support Ukraine during the last 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.