What you need to know
- PayPal is suspending its services in Russia.
- The company condemned Russia's invasion of Ukraine.
- Customers will be able to withdraw money for a period of time.
PayPal has announced that it is suspending its services in Russia due to the ongoing invasion of Ukraine.
"PayPal supports the Ukrainian people and stands with the international community in condemning Russia's violent military aggression in Ukraine," CEO and President Dan Schulman said in a statement to iMore. "PayPal has been working closely with governments and partners to actively comply with all applicable laws and sanctions. Under the current circumstances, we are suspending PayPal services in Russia." Specifically, the company says its suspension pertains to its remaining send and receive services and its international remittance service Xoom in Russia. PayPal had already suspended new account requests in the country, and it discontinued its domestic services in Russia in mid-2020.
PayPal says that throughout the crisis it has focused on enabling and supporting humanitarian relief efforts to those in Ukraine and others fleeing for safety, it is also working to care for impacted employees and their families, as well as customers and small businesses impacted by the event. PayPal says it "will remain steadfast" in its humanitarian efforts to care for those in Ukraine who are experiencing devastating violence and tragic loss."
A company spokesperson further told iMore that the company has helped raise over $150M for charities, describing the fundraising as "one of the largest efforts we've seen in such a short period of time." PayPal confirmed that it would continue to work to process customer withdrawals "for a period of time" to ensure balances are dispersed in line with applicable laws and regulations.
PayPal joins other digital firms in withdrawing or suspending services in Russia in response to the invasion. Earlier this week Apple announced it would cease sales of products in the country, and that it was de-platforming state-sponsored news outlets such as Russia Today and Sputnik. PayPal is one of the best iPhone apps for sending and receiving money worldwide on devices like the iPhone 13, but is also a key tool used by small businesses to process secure payments.
