Web Desk — PayPal announced Saturday that it was suspending service in Russia in response to its invasion of Ukraine, adding to the list of firms retreating from the country.

In a letter to the Ukrainian government, PayPal CEO Dan Schulman said: “Under the current circumstances, we are suspending PayPal services in Russia.”

Ukraine’s minister of digital transformation, Mykhailo Fedorov, who has pushed companies like Apple and Microsoft to cut ties with Russia, posted the letter on Twitter.

“So now it’s official: PayPal shuts down its services in Russia citing Ukraine aggression,” Fedorov tweeted Saturday. “Thank you @PayPal for your support!”

PayPal confirmed it was shutting down in Russia. The company plans to continue processing customer withdrawals for some time, making sure balances are dispersed according to applicable laws and regulations, the spokesperson told CNBC.

In 2020, the payment processor discontinued domestic services in Russia. PayPal’s latest move relates to its remaining operations in the country, including send and receive functions and the ability to remit funds internationally via PayPal’s Xoom platform.

Russians were prevented from opening new PayPal accounts earlier this week, the company said.

PayPal is the latest payment organization to cut ties with Russia, which now faces a barrage of sanctions from the West after President Vladimir Putin invaded Ukraine.

Several Russian banks were barred from SWIFT, the global interbank messaging network; Visa and Mastercard also said they would block Russian financial institutions from their networks.

“It’s now basically impossible to send money to any individual in Russia,” said Charles Delingpole, CEO of ComplyAdvantage, a fintech start-up that helps firms with regulatory compliance.

Create your PayPal account. It’s free to sign up!

Sign Up for a Personal Paypal Account
Personal: (For people who want to pay online)
(https://www.paypal.com/ca/welcome/signup/#/country_selection)

Join the 325 million active users who choose to pay online or on mobile with PayPal. Pay securely at millions of stores and send money quickly to anyone’s PayPal email address or mobile number. Plus, you can still collect your eligible card reward points.

It’s free – sign up for a PayPal account, and shop without transaction fees*, no matter how you choose to pay.
Shop securely – store all your financial information behind a single secure login.
Shop globally – pay on sites of all sizes worldwide and in 25 currencies.

Business (For people and businesses who want to receive payments)

(https://www.paypal.com/bizsignup/#/checkAccount)

Accept multiple types of payments with a single PayPal account. Get started in minutes.

Securely accept credit and Visa Debit card payments without a monthly fee*.
Your buyers don’t need a PayPal account.
Get paid faster with Online Invoicing and PayPal Checkout.
Sell securely with PayPal Seller Protection.

PayPal Express Checkout

PayPal Checkout, formerly known as PayPal Express Checkout, is a tool designed specifically for online sellers. It allows customers to purchase goods and services easily, without having to enter their shipping and billing information. In this way, the customer’s personal and payment information is transmitted securely to the merchant.

Best PayPal Alternatives:
Google Pay.
WePay.
2CheckOut.
Authorize.Net.
Skrill.
Intuit.
ProPay.
Dwolla.

Apply for Paypal Credit

Now you can Pay or pay over time with PayPal Credit. Just use PayPal Credit in PayPal checkout. No Interest if paid in full in 6 months on purchases of $99 or more.

About PayPal Credit

PayPal Credit is a reusable credit line available on purchases at millions of stores that accept PayPal. Plus, it comes with the same security and flexibility you trust from PayPal.

If approved, we start you off with a minimum credit line of at least $250.

For New Accounts: Variable Purchase APR is 23.99%. The APR is accurate as of 9/1/2021 and will vary with the market based on the Prime Rate (as defined in your credit card agreement). Minimum interest charge is $2.00.

If you miss a payment your late fee could be up to $40, even less if it’s your first time.