Paypal has joined the list of fintechs supporting sanctions against Russia over its decision to invade neighbouring Ukraine. The company, which had been offering Russians only cross-border transactions, terminated its services in the Russian Federation on 6 March 2022.
The company’s move comes after other payment and remittance platforms had already suspended certain services by the end of February 2022. These include Wise, which processed cross-border payments for Russian users, and Remitly which provided remittance of funds.
Wise initially imposed a GBP 200 daily limit on transfers to the Russian Federation but later suspended all money transfers as the US and its European allies imposed more restrictions on the country’s financial system, including the expulsion of some banks from the interbank payment system SWIFT.
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