Ukrainian Deputy Prime Minister Mykhailo Fedorov welcomed the move for which his government had been pushing.
PayPal had only allowed cross-border transactions by users in Russia but stopped accepting new users in the country on Wednesday, Reuters reported.
"So now it's official: PayPal shuts down its services in Russia citing Ukraine aggression," Fedorov tweeted:"Thank you @PayPal for your supporting! Hope that soon you will open it in for Ukraine." PayPal's competitors Wise and remittance processor Remitly have also suspended their money transfer services in Russia as the list of companies severing their ties with the country over the war grows.Pay have been limited.
The U.S. imposed sanctions on a number of Russian individuals and financial institutions including Russia's central bank. The U.S. has also blocked American companies and people from doing business with any individual or entity on the blacklist.
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