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, according to Reuters.
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 Russia’s military aggression against Ukraine. The platform stopped accepting new Russian-based users earlier this week, a company spokeperson told Reuters on March 2.
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 announcement comes after calls from officials in Kyiv to suspend services in Russia and support Ukraine’s fundraising efforts. The U.S., California-headquartered company revealed before the weekend that it had “helped raise over $150 million for charities supporting response efforts.” The Ukrainian government and local NGOs have also received millions in crypto donations.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
