Payment company PayPal announced yesterday the suspension of its registration process for new members from Russia. The fin-tech giant has already suspended the accounts of certain customers and a number of the nation’s top banks that have been sanctioned by the United Jurisdictions and some other states.
After the commencement of the Russian War on Ukraine, the Deputy Minister for Digital Transformation of Ukraine, Oleksandr Bornyakov, called on PayPal to take more severe steps against Russia—in particular, to fully cease the functioning of the payment system in the country. PayPal has previously declared that, like many firms, they are actively working on enforcing penalties.
Visa, MasterCard, and, for example, American Express, which is rarely used in the country, joined the sanctions, as did mobile payment systems Apple Pay and Google Pay; the first completely blocked the use of its payment service by Russian residents, and Google Pay suspended cooperation with many Russian financial institutions.
Russia has already reacted to active financial pressure by prohibiting the sale of local securities worth tens of billions of dollars by international investors.