10 May 2023By PAYCEC
Unfortunately, PayPal is not available in Russia, as it has suspended theability to send or receive funds from Russian accounts and has stoppedaccepting new Russian accounts.
This decision was made in response tothe sanctions imposed by the US government on Russia due to its invasion of*ckraine. PayPal entered the Russian market in 2006, initially allowingRussian users to use PayPal on foreign sites, and in 2013 it launcheddomestic service in rubles. However, after joining the list of fintechcompanies that support sanctions against Russia, PayPal ceased operations inthe Russian Federation on March 6, 2022.
Following the invasion of*ckraine, Visa, Mastercard, and American Express closed their business inRussia, resulting in considerable revenue losses. In response, Russian bankssuch as Sberbank and Alfa Bank want assistance from China’s UnionPay systemto develop a payment network integrated with Russia’s Mir payment system.Tinkoff, Rosbank, and Credit Bank of Moscow have also announced plans toaccept UnionPay cards. Despite these attempts, the absence of PayPal andother major payment processors causes difficulties for Russian individualsand enterprises.
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