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By: Real America News Updated 07 Sea 2022, 15: 28 pm EST
The payment company PayPal announced that it closed its services during the early hours of Saturday in Russia, citing “the current circumstances”, joining many financial and technological companies to suspend their operations there after the invasion of Ukraine.
“Under the current circumstances, we are suspending PayPal services in Russia,” said President and CEO Dan Schulman it’s a statement. He added that the company “stands with the international community in condemning Russia’s violent military aggression in Ukraine.”
A company spokesman reported that PayPal will support withdrawals “over a period of time, ensuring that the balances of accounts are dispersed in accordance with the law and applicable regulations”.
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PayPal had only allowed cross-border transactions from users in Russia, stopped accepting new users in the country only on Wednesday.
The members of the Ukrainian government had requested PayPal to leave Russia and help them with fundraising.
PayPal reported last Friday that “since the beginning of the invasion, PayPal has helped raise more than 150 million dollars for organization charitable ones supporting response efforts in Ukraine, one of the largest efforts we have seen in such a short time.”
PayPal’s suspension in Russia also applies to your Xoom money transfer tool. Rivals Wise and Remitly previously suspended some services in Russia.
A number of financial institutions have ceased operations in Russia since the invasion began as a sign of disapproval. It is not known if in the future the financial entities will resume their economic activities in the country.
Because of how the financial blockade has been part of the international community, the Russian government has had to make adjustments in its economic policy to prevent inflation from shooting up across the board, as well as to curb the outflow of foreign capital.
PayPal joins a long list of global companies that closed operations in Russia , among the most important include Apple, BP, Ford, Mitsubishi, Microsoft, Google, FedEx, Disney, Netflix, Paypal, Adidas, FIFA, Snapchat, Sony, Visa, MasterCard, Ikea, Zara, Universal, Warner Brothers, Wolskwagen, H&M, Harley Davidson, ExxonMobil, Toyota, Mercedes-Benz, Volvo, TikTok, and Lego.
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