Saturday, March 5, 2022

PayPal Shuts Down Its Services In Russia

Payments Company, PayPal Holdings Inc PYPL.O, shut down its services early on Saturday in Russia, citing "the current circumstances," joining many Financial and Tech Companies in Suspending Operations there, after the Invasion of Ukraine.

"Under the current circumstances, we are suspending PayPal services in Russia," President and Chief Executive, Dan Schulman, said in a Statement. He added that the Company "stands with the international community in condemning Russia's violent military aggression in Ukraine."

A Company Spokesperson said PayPal will support Withdrawals "for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations.”

PayPal, which had only allowed Cross-Border Transactions by Users in Russia, Stopped accepting New Users in the Country on Wednesday, after Ukrainian Government Officials had been calling on PayPal to Quit Russia and help them with Fundraising.

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. The Suspension joins a growing list of Companies that are Divesting from Russia and in some cases Belarus, including from the Tech, Retail, Financial, and Media, Sectors.

The European Union said it had joined Members of the Council of the Baltic Sea States (CBSS) in Suspending Russia and Belarus from the Council's Activities. "This decision is a part of the European Union’s and like-minded partners response to Russia’s invasion of Ukraine and the involvement of Belarus in this unprovoked and unjustified aggression," it said on Saturday. "The EU agrees with the other members of the CBSS (Denmark, Estonia, Finland, Germany, Iceland, Latvia, Lithuania, Norway, Poland and Sweden) that the suspension of Russia and Belarus will remain in force until it is possible to resume cooperation based on respect for fundamental principles of international law," it added.

Other Sanctions include Intel, IKEA, Luxury brands Hermes and Swarovski, Google, and Grammerly.

The New Development Bank (NDB) established by the BRICS Group of emerging Nations including: Brazil, China, India, and South Africa, said on Friday it had put New Transactions in Russia on Hold.

Russia Communications Watchdog on Friday, Restricted access to several Foreign News Organizations' websites including the BBC and Deutsche Welle, after Russian News Agencies such as Russia Today (RT) and Sputnik were Blocked or are in the Process of being Blocked throughout many parts of the World.

In addition, leading News Agencies including, the BBC and CNN, said on Friday night that they were Halting their Operations in Russia, out of fear of Harm to Journalists after the Russian Parliament approved Harsh Measures on Journalists who they say Disseminate "fake news."

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