PayPal, the online payments business, said on Wednesday that it will no longer accept new customers in Russia.
Following President Vladimir Putin’s invasion of Ukraine, the European Union and the United States have imposed a slew of sanctions on the country.
PayPal, which only enables cross-border transactions for Russian customers, has already blacklisted certain users and some of the country’s largest banks, according to a Reuters story.
Alexander Bornyakov, Ukraine’s deputy minister for digital development, has previously called on PayPal to take more drastic measures, including shutting down its operations in Russia completely. According to Alexander, who spoke to Reuters.
“If PayPal supports democratic values, it should go out from Russia,” he said.
PayPal, like many of its rivals, is currently managing the consequences of penalties, according to a representative for the business.
Multiple Russian financial institutions have been blocked as a result of government sanctions, including Visa Inc, Mastercard Inc, and American Express Co, as well as mobile payment providers Apple Pay and Google Pay.
