BUSINESSNews

PayPal will no longer register new users from Russia


Online payments company PayPal on Wednesday announced that it has stopped accepting new users in Russia.

The move comes amidst a sweeping wave of sanctions by the European Union and the U.S. in the country following President Vladimir Putin’s invasion of Ukraine. 

According to a report by Reuters PayPal, which only allows cross-border transactions by users in Russia, had already blocked some users and some of the country’s biggest banks.

Ukraine’s deputy minister for digital transformation Alexander Bornyakov had earlier on called on PayPal to take more sweeping action and shut down entirely in Russia. Speaking to Reuters, Alexander said.

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

PayPal spokesperson told Reuters the company, like many of its peers, is still actively navigating the implications of sanctions.

Payment companies Visa Inc, Mastercard Inc and American Express Co along with mobile payment providers Apple Pay and Google Pay, have blocked multiple Russian financial institutions due to government sanctions. 

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Source
Reuters
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Nixon Kanali

Tech journalist based in Nairobi. I track and report on tech, business and African startups. Founder and Editor For TechTrendsKE. Nixon is also the East African tech editor for Africa Business Communities. Send tips to nkanali@techtrendske.co.ke.

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