PayPal shuts down its services in Russia

Payments company PayPal Holdings Inc shut down its services early on March 5 in Russia, citing "the current circumstances," joining many financial and tech companies in suspending operations there after the Russian military actions in Ukraine, Report informs referring to Reuters.

"Under the current circumstances, we are suspending PayPal services in Russia," President and Chief Executive Dan Schulman said in a statement.

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.”

PayPal, which had only allowed cross-border transactions by users in Russia, stopped accepting new users in the country on March 2.

Ukrainian government officials had been calling on PayPal to quit Russia and help them with fundraising.