According to a report by Reuters, the U.S. payments company‘s chief executive, Dan Schulman, said it stands with the international community in condemning Russia’s violent military aggression in Ukraine.
“Under the current circumstances, we are suspending PayPal services in Russia,” Schulman told the agency.
PayPal will continue to process withdrawals for a “period of time.”
This comes after the company stopped accepting new users in Russia on Wednesday.
PayPal, which only allows cross-border transactions by users in Russia, had already blocked some users and some of the country’s biggest banks following sanctions by the United States and other countries in response to Russia’s invasion of Ukraine. Russia has called the move a “special operation.”
Ukrainian government officials had been calling on PayPal to quit Russia and help them with fundraising.
In an interview with Reuters on Wednesday, Ukraine’s deputy minister for digital transformation Alexander Bornyakov called on PayPal to take more sweeping action and shut down entirely in Russia.
PAYPAL HAS HELPED RAISE $150 MILLION FOR CHARITIES SUPPORTING UKRAINE
PayPal is supporting users in Ukraine through cross-border transactions and its Xoom service for international money transfers, the company said
PayPal said on Friday that “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.”
PayPal’s suspension in Russia also applies to its money transfer tool Xoom. Rivals Wise and Remitly earlier suspended some services in Russia.