PayPal sent a letter to Ukraine’s minister of digital transformation Mykhailo Fedorov with an announcement to that effect. Federov shared the latter on Twitter for all to read. CNBC reports that a company spokesperson confirmed that it is indeed shutting down in Russia via a statement. Those in the country were also prevented from making new accounts.
— Mykhailo Fedorov (@FedorovMykhailo) March 5, 2022 Though in the case of PayPal, this hits users in Russia in a different way as compared to Visa and Mastercard. The report also states that the payment processor had already discontinued domestic services in the country all the way back in 2020. So the latest development would affect its remaining business in the country. More specifically, the ability to send and receive funds, as well as the ability to make international transfers. This means that, effective pretty much immediately, no one can send or receive money from anyone inside Russia. In the case of Visa and Mastercard, their products can still continue working until they expire. (Source: Mykhailo Fedorov / Twitter via CNBC)
