PayPal shuts down its services in Russia, a blow to Russian retailers

Su-25 wreckage is seen burning, which Ukrainian military officials said is the remains of a Russian Air Force assault aircraft in a field outside the town of Volnovakha in the Donetsk region, Ukraine [Press service of the Joint Forces Operation via Reuters]

Payments company PayPal Holdings Inc has shut down its services in Russia, citing “the current circumstances,” joining many financial and tech companies in suspending operations there.

“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”.

Russia says it is also blocking Facebook and restricting access to Twitter, citing restrictions on Russian media.

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