PayPal has decided to discontinue operations in Russia. This is caused by the ongoing war in Ukraine. The company had previously stopped accepting new users in the country.
PayPal’s move to end its operations in Russia will also apply to its money transfer tool Xoom.
A PayPal spokesman confirmed that the company will support withdrawals “for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations.”
President and CEO Dan Schulman also said the company “stands with the international community to condemn Russia’s violent military aggression in Ukraine.”
The company’s decision means it has joined other technology and financial institutions that have ceased operations in Russia because of the invasion of Ukraine.
In addition to ceasing operations in Russia, the company is also providing financial support to victims of the war in Ukraine.
“Since the beginning of the invasion, PayPal has helped raise over $150 million for charities supporting response efforts in Ukraine, one of the largest efforts we’ve seen in such a short period of time.”
For more information, read the original story in Reuters.