PayPal suspends services in Russia over Ukraine invasion
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.