PayPal to shutdown down its services in Russia

Payments service PayPal has announced it is shuttering services in Russia, joining the growing list of companies that have stopped or suspended activities in that country following its invasion of Ukraine.

PayPal CEO Dan Schulman said the company supports Ukraine and condemned Russia's actions.

Ukraine vice prime minister Mykhailo Fedorov had appealed to PayPal on Twitter to shut down services in Russia, and Schulman responded with an open letter to Fedorov.

We received a letter from @Dan_Schulman, CEO PayPal. So now it's official: PayPal shuts down its services in Russia citing Ukraine aggression. Thank you @PayPal for your supporting! Hope that soon you will open it in for pic.twitter.com/RaJxEMSLQe

Schulman said his company stood with Ukraine "and stands with the international community in condemning Russia's violent military aggression".

PayPal had worked closely with governments "to comply with applicable laws and sanctions" and given the circumstances, "suspending services in Russia", he said.