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Paypal announces that it will stop operating in Russia
PayPal is one of the most used payment processors in the world, through this platform millions of transactions are made worldwide. this platform operates worldwide, however due to recent events it will no longer provide services to Russia.
In this way, PayPal Inc. joins the condemnation that other companies and institutions make against Russia. This motivated the recent invasion of Ukraine where Moscow has bombed and occupied a large part of the country.
Since the attacks began, most countries in the world have rejected and condemned such actions. Both the United States and the European Union have even applied harsh financial sanctions against Moscow.
This has motivated some companies to stop providing services in the country. One of those that have recently joined is PayPal, a payment system that has millions of users in the country.
PayPal closes its operations completely
The Russian population will not be able to access the services of the technology giant PayPal. That is, the limitation goes from the creation of new accounts and the impossibility of sending or receiving money.
However, people who have funds inside the wallet will still be able to make withdrawals for a reasonable time. After this, the platform will cease its operations completely within the country.
This is a serious blow mainly for the Russian population, since it is unlikely that the government would carry out transactions through this platform.
PayPal seeks a way to facilitate transactions to Ukraine
PayPal also reaffirmed its commitment to help Ukraine to the best of its ability. The Ukrainian government asked the company to facilitate transactions and donations to the country.
PayPal said it would be stepping up efforts to make payments easier to process. Both PayPal and Xoom (affiliate of PayPal) want to facilitate donations to NGOs that operate both inside and outside Ukraine and that seek to help the population.
This PayPal decision is extremely important for the country, after all, this could trigger other companies to follow in its footsteps. Doing so would put even more pressure on Russia's ailing economy which has seen its currency devalued by more than 50% since the conflict began.
The technology minister thanks PayPal for its commitment to the country
Ukraine's Technology Minister Mykhailo Fedorov personally thanked PayPal in a tweet for supporting the country.
In a letter sent by PayPal, the company withdraws its support for Ukraine in these difficult times. It indicates the actions that the company is going to take in support of Ukraine and against Russia.
Russia is looking increasingly isolated, although there seem to be no intentions on the part of the Kremlin to stop the conflict. This would continue causing the country to become more and more isolated.
If anything has been shown in this war, it is that the biggest loser is Russia, since, after this, the country's economy will be very hurt.
Ukrainian government asked companies to stop providing service in Ukraine
For several days, the Ukrainian government has been asking different companies around the world to stop providing their services to Russia. This in order to widen the siege against Moscow and put pressure on the Kremlin, end the invasion of the country.
Some companies have responded to the country's request, some of them have been positive, while others not so much. In any case, either because of the request from Kiev or because the company decided so, every day there are more companies that are added to this list.
