Mar 5, 2022 - World

PayPal suspends services in Russia over Ukraine invasion

PayPal logo can be seen at its office in San Jose, California, United States on November 23, 2019.
PayPal's office in San Jose, Calif. Photo: Yichuan Cao/NurPhoto via Getty Images

PayPal on Saturday shut down its services in Russia, citing "the current circumstances," according to a letter the CEO sent the Ukrainian government.

Driving the news: "PayPal supports the Ukrainian people and stands with the international community in condemning Russia's violent military aggression in Ukraine," president and CEO Dan Schulman said in the letter.

  • "Under the current circumstances, we are suspending PayPal services in Russia," Schulman said in the letter to Ukraine's Deputy Prime Minister Mykhailo Fedorov.

The big picture: Ukrainian officials had been urging PayPal to cut business ties with Russia, Reuters reports.

  • A slew of global businesses in every sector have abandoned Russia following the invasion of Ukraine, including Google, Microsoft and Boeing, among others.

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