PayPal to stop accepting new users in Russia

PayPal has stopped accepting new users in Russia, becoming the next global brand to show solidarity with the people of Ukraine, following Russia’s bloody invasion.

The US-based payments company, which only allowed cross-border transactions by Russian users had already started to block accounts and some of Russia’s largest banks on the back of the sanctions introduced by the United States government.

Ukraine’s deputy minister for digital transformation Alexander Bornyakov asked Paypal to take heavier action and shut down entirely in Russia, in an interview with Reuters on Wednesday.

“If PayPal supports democratic values, it should go out from Russia,” he said.

READ MORE: Asos suspends sales in Russia, saying it is ‘neither practical nor right’

A spokesperson for the company said that PayPal was still navigating the implications of the sanctions imposed on the Russian economy, like many of its peers.

Both Mastercard and Visa have blocked a number of Russian financial institutions due to government-imposed sanctions.

Apple Pay and Google Pay have also followed suit by blocking multiple Russian financial institutions.

The fallout has meant that Moscow’s response has involved blocking foreign investors who hold tens of billions of dollars worth of Russian stocks and bonds from exiting.

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