PayPal shuts down services in Russia

San Francisco: Payments company PayPal has announced that it is suspending its services in Russia in the wake of Ukraine invasion.

Ukraine's vice prime minister Mykhailo Fedorov tweeted a letter from PayPal CEO Dan Schulman, confirming the company's decision to shut down its operations in Russia.

"We received a letter from Dan Schulman, CEO PayPal. So now it's official: PayPal shuts down its services in Russia citing Ukraine aggression. Thank you PayPal for your supporting! Hope that soon you will open it in for Ukraine," Fedorov said in a tweet.

"Under the current circumstances, we are suspending PayPal services in Russia," Shulman says in the letter. "We are also doing all that we can to support our staff in the region during this deeply difficult time."

Visa and Mastercard have also announced to suspend all operations in the country in the wake of Ukraine invasion.

Visa said that it will work with its clients and partners within Russia to cease all Visa transactions over the coming days.

Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa card issued by financial institutions outside of Russia will no longer work within the Russian Federation, the company said late on Saturday.