• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Top Trading Strategy
No Result
View All Result
Home Breaking News

PayPal suspends its services in Russia over Ukraine war

by
March 5, 2022
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Four Colombian children found alive in jungle weeks after plane crash

Lionel Messi in Beijing for friendly before move to Miami

Russia has received hundreds of Iranian drones to attack Ukraine, says White House

Twitter to pay verified creators for ads in replies, Musk says

In this article

PYPL

The PayPal app shown on an iPhone.
Katja Knupper | DeFodi Images | Getty Images

PayPal said Saturday it was suspending its services in Russia, adding to the number of firms retreating from the country in response to its invasion of Ukraine.

“Under the current circumstances, we are suspending PayPal services in Russia,” Dan Schulman, PayPal’s CEO, said in a letter addressed to the Ukrainian government.

The letter was posted on Twitter by Ukraine’s minister of digital transformation, Mykhailo Fedorov, who has pressured businesses including Apple to Microsoft to cut ties with Russia.

“So now it’s official: PayPal shuts down its services in Russia citing Ukraine aggression,” Fedorov tweeted Saturday. “Thank you @PayPal for your supporting!”

A PayPal spokesperson confirmed the company was shutting down in Russia. The company will “continue work to process customer withdraws for period of time, ensuring that account balances are dispersed in line with applicable laws and regulations,” the spokesperson told CNBC.

The payment processor had already discontinued domestic services in Russia in 2020. This latest action relates to its remaining business in the country, including send and receive functions and the ability to make international transfers via PayPal’s Xoom remittances platform.

Russians were prevented from opening new PayPal accounts earlier this week, the company said.

PayPal is the latest payment organization to sever ties with Russia, which now faces a barrage of sanctions from the West over President Vladimir Putin’s decision to invade Ukraine.

Sanctions saw SWIFT, the global interbank messaging network, bar several Russian banks, while Visa and Mastercard this week said they would also block Russian financial institutions from their networks.

“It’s now basically impossible to send money to any individual in Russia,” said Charles Delingpole, CEO of ComplyAdvantage, a fintech start-up that helps firms with regulatory compliance.

Next Post

Best Oversold ETFs to Buy Now for March 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Russia has received hundreds of Iranian drones to attack Ukraine, says White House

by
June 10, 2023
0

A man tries to extinguish a fire at a residential house that was hit during Russian shelling next to a...

Read more

Russia has received hundreds of Iranian drones to attack Ukraine, says White House

Lionel Messi in Beijing for friendly before move to Miami

Four Colombian children found alive in jungle weeks after plane crash

Twitter to pay verified creators for ads in replies, Musk says

Costco, Amazon, and Trader Joe’s Have Great Snacks. Buy the Company That Makes Them.

Stocks would plummet 20% if the bond market’s expectations pan out, JPMorgan says

Load More

All rights reserved by www.toptradingstrategy.net

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.